Ghana Hosts GIABA-Anti Money Laundering Meeting

Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Technical Commission/Plenary and 12th GIABA Ministerial Committee will hold its 19th meeting in Accra. The GIABA Plenary meetings are platforms for member States to share experiences and discuss relevant issues that require a concerted, collective and harmonized approach in the implementation of robust anti-money laundering/countering the financing of terrorism (AML/CFT) regimes in the region. GIABA is a specialised institution of ECOWAS as well as Financial Action Task Force (FATF) and Style Regional Body established in December 2000 but started effective work in 2005 by the Authority of Heads of States and Government of ECOWAS. It was formed due to growing concerns about the menace of drug trafficking and related money laundering the world over. Experts from Member States of ECOWAS met at a first Regional Workshop on Money Laundering in West Africa in Grand Bassam, Republic of Cote D�Ivoire in November 1997. They deliberated on the phenomenon of money laundering and after a full understanding of the deleterious effects and debilitating impact of the menace on the political stability and economic prosperity of member states, resolved to recommend to ECOWAS, the establishment of an Inter-Governmental Action Group against money laundering in the region. The three-day plenary meeting will be held in Accra and will bring together ECOWAS member states, GIABA national correspondents, development partners and observers in the fight against money laundering and terrorist financing, which is an integral part of GIABA�s efforts at achieving its mandate and also fostering regional integration in the ECOWAS region. Speaking at a press conference on Wednesday, Dr Abdullahi Shehu, Director General of GIABA said the plenary session would review the recommendations made by the Working Group on Mutual Evaluation and Implementation (WGMEI) as well as discuss the follow-up report of Benin, Liberia, Senegal and Togo �that are on the expedited regular follow up process and those of Cape Verde, The Gambia, Guinea-Bissau and Sierra-Leone which is placed on the enhanced follow-up programme of the GIABA Mutual Evaluation Process and Procedures�. He added that the GIABA Ministerial Committee (GMC) which is the highest policy making body GIABA comprises of the Ministers of Finance, Justices and Interior/Security of each member states. At the meeting, there will be considerations of reports of the 18th and 19th Technical Commission/Plenary meeting and 12th GMC meeting, which would be honoured by President John Dramani Mahama who is expected to deliver the opening address, and unveil the GIABA 2012 Annual Report.