The Inter-governmental Action Group against Money Laundering in West Africa (GIABA) has commended the efforts of President Muhammedu Buhari in the fight against money laundering and terrorist finance.
Specifically, the GIABA’s secretariat extended its appreciation to Nigeria’s leadership in the West African region for the quality of the initiatives adopted to most efficiently combat economic and financial crimes and the resultant terrorism.
Consequently, the regional body has reiterated its commitment towards supporting the Buhari’s anti-corruption crusade.
“Please extend GIABA’s support and gratitude to His Excellency President Muhammadu Buhari for his unrelenting commitment to fighting corruption and all the other predicate crimes,” Adama Coulibaly, director-general, GIABA, said in Lagos at the third regional sensitisation workshop for Civil Society Organisations (CSOs).
However, the body decries the low level of convictions for money laundering and terrorist financing in West African region.
Coulibaly was concerned that freeze and confiscation operations, incomes and assets from organised crime remain a major challenge.
Subsequently, GIABA has moved to incorporate all that in its fourth strategic plan (2016-2020), which is being finalised.
Francis Usani, national correspondent director, Nigeria Financial Intelligence Unit (NFIU), noted that Nigeria was currently conducting its National Risk Assessment, in compliance with recommendation one of the Financial Action Task Force (FATF) revised standards.
He sought the collaboration of CSOs and other stakeholders in this project.
According to him, the fight against money laundering and terrorist financing has received prominence on the agenda of the international community since the mid 1900s, which resulted in the adoption of several regional and international conventions.
Bola Akinterinwa, director-general, Nigerian Institute of International Affairs, recognised that globalisation and advances in technology in technology has enabled criminals to devise newer means to conceal the funds they get through illegal performance.
He believes that the global nature of the problems of money laundering and terrorism requires greater corporation on the international community.
Akinterinwa noted that developing countries such as Nigeria and other member states of the ECOWAS and African Union face certain challenges in fully implementing the FATE recommendations because of lack of capacity and lack of financial resources amongst other concerns.
“It is therefore not enough to establish sound legislation in the fight against money laundering, the capacities of states and regional bodies need to be enhanced.
