GIABA advocates revision of anti-money laundering measures

Dr. Abdullahi Shehu

Director-General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Dr. Abdullahi Shehu, has stressed the need to revise the Anti-money Laundering and Counter Financing of Terrorism (AML/CFT) measures.

He indicated that when considered, it would foil all forms of inducement of superficial compliance by countries.

The current AML/CFT framework, he argued, “may force money launderers and extremist groups to make frequent tactical changes, increase economic or criminogenic asymmetries and thus, produce more grievances or fertile grounds for the recruitment of new set of criminals.”

Addressing participants of a training workshop on AML/CFT for North and West African states in Abuja last Thursday, Dr. Shehu observed that because most parts of the framework were the outcomes of imperfect and incomplete information, “then there is the need to establish and address the root causes of terrorism to ensure that the successes recorded by the AML/CFT framework are enduring.”

The three-day session was organised by the Swiss Confederation and the Federal Republic of Nigeria in close collaboration with GIABA.

It was on the theme: “The challenges of implementing counter the financing of terrorism regimes in West Africa.”

The Director-General continued that the establishment of GIABA and its related mutual evaluation process were clear demonstrations of commitment by members of the Economic Community of West African States (ECOWAS) to implement the Financial Action Task Force (FATF) standards and resolve deficiencies in their systems.

Adding that, it is also with a view to promoting a safe and sound international financial system.

The FATF Recommendations as adopted in 1989 by the G7, cover four broad areas including criminal justice system, financial system and its regulation, law enforcement and other competent authorities, and international cooperation.

They were established to disrupt money laundering and terrorist financing activities with integration of relevant “United Nations Conventions on the prevention and control of money laundering and terrorist financing.”

“GIABA will continue to support its members to implement effective AML/CFT measures that facilitate optimal deployment of resources and proper sequencing of intervention activities,” Dr. Shehu stated.

Dr. Shehu further explained there has been a proposal on the need to place close attention to border control in the region while intensifying international cooperation efforts both within and outside the region.

The suggestion, he pointed out, was based on reports that “Al-Qaeda has sleeper cells in several West African countries including Senegal and Guinea-Bissau and representatives of Al-Qaeda in the Islamic Maghreb (AQIM).”

The Swiss Ambassador to Nigeria, Dr. Hans-Rudolf Hodel, on his part, mentioned that the Swiss government was committed to assisting regional stakeholders to be abreast of and apply solid best practices in order to strengthen regional capacity and cooperation to deal with the financing of terrorist groups.

Permanent Secretary at the Foreign Affairs Ministry of Nigeria, Ambassador Martin Uhomoibhi, also said that taking proactive steps to thwart the sources of terrorism funding would reflect a winning prospect in the fight especially when “terrorist groups need money to operate.”

“We in Nigeria are determined in our resolve to continuously improve national response to terrorism and related challenges in the country,” the secretary noted.

Source: Globalnewsreel.com