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GIABA Boss Calls For Adequate Support To FIUs
Date Uploaded: May 12, 2017

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GIABA Boss Calls For Adequate Support To FIUs

By Prince S. Nagbe

MONROVIA, May 11 (LINA) - The Director General of the Inter-Governmental Body Against Money Laundering in West Africa (GIABA) is appealing to authorities of ECOWAS States to provide adequate resources to their Financial Intelligence Units (FIUs), if they must succeed in curbing money laundering in the region.

The FIUs are national institutions based in ECOWAS countries that are responsible for crafting and implementing Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

Mr. Adama Coulibaly noted that FIUs must be provided adequate financial resources and accorded an honorable place, because they are responsible to ensure the security of financial systems, economic stability and the promotion of good governance.

Speaking at the official opening of the 27th GIABA Commission/Plenary

Meeting organized by the FIU of Liberia at the Monrovia City Hall on Thursday, Coulibaly noted that this will ensure the creation of an environment that is more conducive for business and the development of the populace.

He believes that the successful achievement of anti-money laundering and terrorism financing in West Africa requires maximum mobilization, enhanced coordination of stakeholders, and synergy of national, regional and international expertise.

He added: “The allocation of substantial financial resources is no longer a mere need but a national security requirement.”

The GIABA official thanked its technical and financial partners for their support to ECOWAS States in different priority areas, but appealed to them to diversify their initiatives to prevent countries of the sub-region from being weak links in the Global Network to fight against the criminal economic terrorism and its financing.

Coulibaly then lauded President Ellen Johnson Sirleaf and the people of Liberia for allowing GIABA to host the historic meeting in Liberia, especially at a time when the institution is in its new spate of dynamism to assist member states in their struggle against transnational organized crime, particularly money laundering and terrorism financing.

He particularly thanked President Sirleaf for allowing the Governor of the Central Bank of Liberia, Milton Weeks, to actively participate in all of FATF sessions; for allowing Liberia to adopt many relevant legislations and ratifications of international conventions to strengthen the national AML/CFT regime; and for establishing the National AML/CFT Policy Coordination Committee.

“Knowing the difficult economic situation of our sisterly countries, aggravated in Liberia by the Ebola virus, we appreciate these efforts, even though they need to be sustained and enhanced, considering the challenges and new AML/CFT requirements as well as peace and security in the ECOWAS region,” Coulibaly said.

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 countries as well as Sao Tome and Principe, and Comoros.

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

The week-long meeting, which is convening at the Monrovia City Hall is expected to end on Saturdayin the conference hall of the Central Bank of Liberia.



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