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The Minister in charge of Finance and Economic Planning in Ghana, Mr. Ken Ofori-Atta has called on member States of the Economic Community of West African States (ECOWAS) to join hands to curb the menace associated with money laundering and terrorism.

According to him, “money laundering, terrorist financing and the proliferation of weapons of mass destruction (ML/TF&P) continue to pose enormous risks to the global financial systems, peace and socio-economic development”.

Speaking at the opening of the 36th GIABA Technical Commission/Plenary and 24th Ministerial Committee Meeting, Mr. Ken Ofori-Atta lamented about how this phenomenon is underpinned by several factors including the presence of large and informal cash-based economies, weak and porous borders, political instability, ethnic  violence, corruption, poverty and unemployment.

Mr. Ofori-Atta  told the  ECOWAS members at the meeting that the time is now for a collaborative effort to combat money laundering and terrorism funding.

“… With the West African Sub-region not being left off the hook, currently being a major region of concern regarding terrorist financing and its activities, you will all agree with me that there is the need to strengthen collaboration among member States in order to curb this menace with all its associated predicate offences.” 

He added; “We must arise and provide innovative and collective preventive measures which adapt to the growing risks, build resilience, and ultimately prevent the next security and humanitarian disaster. Furthermore, we must put in every effort to identify sources of funds for terrorist groups, freeze them, and use every legal means to ensure they never get access to the funds again.

“Fellow participants, I believe there is no better time to act than now.”

Mr. Ofori-Atta further reposed confidence in GIABA as a specialized institution of the ECOWAS responsible for strengthening the capacity of member States towards combatting money laundering and terrorist financing in the West African sub-region.

He stressed that Ghana has no doubt GIABA will continue to provide technical support for its members irrespective of the numerous challenges facing them.

“Similarly, as member states, we will rally behind GIABA and give it all the needed support to implement the Effectiveness Improvement Action Plan to strengthen GIABA in delivering on their mandate,”

Ken Ofori-Atta added while thanking the GIABA Secretariat, Technical Commission, and all Working Groups including Committees who worked assiduously to plan the Plenary meeting in Ghana.