Source: Daily Graphic
President John Dramani Mahama has called on governments in West Africa to collaborate in their efforts to fight money laundering and terrorism financing in the sub-region.
He said it was crucial for leaders in the sub-region to pool their resources and fight these illegal acts since they posed economic and security threats to member countries.
"We have to ensure that criminals do not use our jurisdictions to perpetuate their activities," he said.
President Mahama made the call when he opened the 12th Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Ministerial Committee meeting in Accra on Saturday.
The meeting brought together representatives from the Economic Community of West African States (ECOWAS) to review the progress made in fighting money laundering and terrorism and adopt more efficient strategies to fight these acts.
GIABA is an institution of ECOWAS responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) efforts in West Africa. It is also working with its member states to ensure compliance with international AML/CFT standards.
President Mahama said money laundering and terrorism financing were challenges to governments and policy makers because of their effects on peace and security.
He also said Ghana had made progress in the fight against money laundering and terrorism in the last four years with the enactment of anti-terrorism legislations an establishment of the Financial Intelligence Centre (FIC).
He commended GIABA for providing Ghana with the technical support for the establishment of structures to enhance the country’s performance in the fight against money laundering and terrorism financing.
The President also affirmed Ghana's commitment to partnering stakeholders to intensify the fight against money laundering and terrorism financing in the sub-region.
"Ghana is determined and remains resolute in fighting money laundering and terrorism financing," he said.
For his part, the former Head of State of Nigeria, General Yakubu Gowon, said the sophisticated nature of social vices and predicate crimes, including corruption, international fraud and human trafficking called for increased vigilance by member countries.
This is because proceeds from those crimes encouraged money laundering and terrorism financing and led to the degradation of social values such as honesty, integrity and good character.
Gen. Gowon added that another worrying aspect was that some of the perpetrators could use their wealth to disturb the democratic process in the sub-region.
He, therefore, commended GIABA for its efforts to raise awareness of money laundering and terrorism financing and establish structures to fight the menace.
He lauded member countries for their support which had translated into the achievement of GIABA.
The Director-General of GIABA, Dr Abdullahi Shehu, commended Ghana for taking steps to address the deficiencies in the country's anti-money laundering and terrorism financing strategies.
He said the measures taken by Ghana led to the removal of the country from the countries blacklisted for money laundering.
The Vice-President of Financial Action Task Force (FATF), Mr Vladimir Nechaev, commended GIABA for its reviewing the list of its members.
He tasked member countries to ensure that their work conformed to the revised FATF recommendations against money laundering and terrorism financing.
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