Sunday, April 29, 2012
GIABA To Hold Briefing Session For ECOWAS Ambassadors, Partners
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will hold an Annual briefing session for ECOWAS Ambassadors and development partners in the Republic of Senegal on the 27th April, 2012, at Radisson Blu Hotel, Dakar, Senegal, a press release from GIABA disclosed.
GIABA, a specialized institution of the Economic Community of West African States (ECOWAS) as well as Financial Action Task Force-Styled Regional Body (FRSB) was established by the Authority of Heads of State and Government of ECOWAS in the year 2000 with the mandate to protect the national economies and financial system of member States from abuse and laundering the proceeds of crime.
The 38th Summit of Heads of States and Governments of ECOWAS on 2nd July 2010 in Sal, Cape Verde had approved the recommendation of the 64th Ordinary Session of the Council of Ministers requiring the Community institutions to organize regular information sharing sessions for Ambassadors/Representatives of member countries on their activities. In this regard, GIABA being a specialized institution of ECOWAS is mandated to implement these directives.
The objective of the session is to sensitize member States Ambassadors on programs and activities carried out by GIABA in Senegal and in other member States. The session which is primarily targeted at Ambassadors of member States to Senegal will also include Senegalese Ministers, members of the Diplomatic corps, civil societies, National institutions, international organizations, all FATF member representatives and the press.
The session seeks to provide the attendees with opportunities to fully understand the role of GIABA in the global fight against money laundering (ML) and terrorist financing (TF) in the region as well as for top government officials to appreciate the efforts being made in the region to address the vulnerabilities in the AML/CFT regimes of member States.
The session will also seek to provide an update on the revised FATF 40 Recommendations and its implications to ECOWAS member States and underline the importance of strong political commitment in implementing AML/CFT in West Africa.
It is expected that at the end of the Briefing Session, member States Ambassadors would appreciate the role of GIABA in assisting member States in implementing effective AML/CFT regimes in line with global standards.