THE ROLE OF THE INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING AND TERRORIST FINANCING IN WEST AFRICA (GIABA) IN COMBATING MONEY LAUNDERING AND TERRORIST FINANCING UNDER THE ECOWAS COMMUNITY
The ECOWAS Authority of Heads of State and Government established the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on December 10, 1999. At its inception, the primary goal of GIABA was to protect West African economies and financial systems from money laundering.
Following the terrorist attacks on the United States of America on September 11, 2002, the GIABA Statutes were revised in January 2006 to reflect the growing link between Money Laundering and Terrorist Financing. This is why Counter-Terrorism Financing was added to GIABA’s mandate.
In addition to reflecting the Authority of ECOWAS Heads of State and Government’s willingness to combat ML and TF, GIABA is a Financial Action Task Force-Style Regional Body (FSRB) that fully adheres to the FATF 40 + 9 Recommendations. The establishment of GIABA is a significant response and contribution of ECOWAS to the fight against money laundering.
GIABA is an ECOWAS specialized institution in charge of strengthening member states’ capacity to prevent and control money laundering and terrorist financing in the region. GIABA grants Observer Status to African and non-African states, as well as Inter-Governmental Organizations that support its objectives and actions and have applied for observer status.
The Central Banks of Signatory States, regional Securities and Exchange Commissions, UEMOA, Banque Ouest Africaine pour le Développement (BOAD), the French Zone Anti-Money Laundering Liaison Committee (Conseil Régional de l’Epargne Public et des Marchés Financiers), the African Development Bank (ADB), the United Nations Office on Drugs and Crime (UNODC), the World Bank, and the International Monetary Fund are also eligible for
The mission of GIABA is to:
• Protect signatory countries’ national economies and financial and banking systems from the proceeds of crime, and combat terrorism financing;
• Strengthen and expand measures to combat criminal proceeds;
• Improve cooperation among its members;
• Combat the laundering of criminal proceeds and the financing of terrorism;
• Ensure the coordinated and coordinated implementation of appropriate anti-money laundering and anti-terrorism financing measures;
• Assess progress and the efficacy of measures through self-evaluation and mutual evaluation in accordance with the FATF procedure.
• Encourage additional African countries to join GIABA.
Its mandate as an ECOWAS specialized institution is to:
• Ensure the adoption of anti-money laundering and anti-terrorism financing standards in accordance with acceptable international standards and practices, including the FATF 40 + 9 Recommendations;
• Facilitate the adoption and implementation of measures against ML and FT by member states, while taking into account specific regional peculiarities and conditions;
• Serve as a forum for members to discuss regional issues and share their experiences.
• Organize self-evaluations and mutual evaluations to determine the efficacy of adopted measures, including their compliance with acceptable international standards;
• Coordination and assistance to member states in the establishment and implementation of AML/CFT regimes, including the implementation of laws against the proceeds of crime through mutual legal assistance, as well as the establishment and maintenance of Financial Intelligence Units (FIUs).
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THE ROLE OF THE INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING AND TERRORIST FINANCING IN WEST AFRICA (GIABA) IN COMBATING MONEY LAUNDERING AND TERRORIST FINANCING UNDER THE ECOWAS COMMUNITY
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