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VP Boakai Urges Tact, Foresight In Tackling Money Laundering
Date Uploaded: May 12, 2017

Liberia’s Vice President Joseph Nyumah Boakai


VP Boakai Urges Tact, Foresight In Tackling Money Laundering

By Prince S. Nagbe

MONROVIA, May 11 (LINA) – Liberia’s Vice President Joseph Nyumah Boakai has urged authorities and members of the Intergovernmental Body Against Money Laundering in West Africa (GIABA) to tackle the issue of money laundering with “a great deal of tact, craft and foresight.”

He noted that as criminal syndicates scheme to improve their dangerous techniques, member states in the West African sub-region should move swiftly to put into place measures that will put them far ahead of the criminals.

The Vice President's call was contained in his keynote address at the official opening of the 27thGIABA Technical Commission/Plenary Meeting organized by the Financial Intelligence Unit of Liberia (FIU) at the Monrovia City Hall in Monrovia on Thursday.

“As you will be focusing on sharing notes on anti-money laundering and countering terrorist financing, you should be honest, transparent and firm in the stand you take, because this menace undermines and disrupts our democracy, economy and national security,” Boakai added.

“The hosting of the 27th GIABA meetings in Liberia is a historic one, because it speaks to the notable progress the government has made in heightening the country’s integrity, and it also shows to the world that Liberia’s peace and stability is on solid ground and a responsible nation that is concerned about its own security,” he stressed.

VP Boakai told delegates that despite the weak, porous and susceptible economies of developing countries, including Liberia, it is incumbent upon them to give all of the needed support they can garner.

“Though we note the incremental improvement of member states, we also acknowledge the fact that most of them still have deficiencies in some key aspects of their fight against Money Laundering and Countering the Financing of Terrorism regimes as identified in their Mutual Evaluation Reviews (MERs),” Boakai added.

He therefore called on them to do the assignment with deep consciousness for the good of national and regional security; noting, Decisions made here will have to withstand the tenacity of those who have taken up career in this criminal enterprise.”

GIABA is a specialized institution of ECOWAS that is responsible to strengthen the capacity of its member states towards the prevention and control of money laundering and terrorist financing in the region.

Its membership includes the 15 ECOWAS Member States as well as Sao Tome and Principe, and Comoros.

GIABA also grants observer status to African and non-African States as well as intergovernmental organizations that support its objectives and actions.

About 200 participants from all GIABA member states, representatives from the GIABA secretariat and international technical partners are attending the meetings.




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