The West African Insurance Association(WAICA) in collaboration with Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) is organising Education Conference from the 22-25 November, 2009 at Jerma Beach Hotel, Banjul and is hosted by Insurance Association of The Gambia (IAG).
The theme for the conference is The role of the insurance industry in combating money laundering and other financial crimes
The WAICA -Banjul confeence that IAG is hosting is first of its kinds, since WAICA was founded in 1973 as it has never had a conference in collaboration with another international institution.
In his welcoming statement, President of IAG, Mr. Dawda Sarge, said that the theme for the conference is indeed apt given the spate and growing number of financial and economc crimes that continues to threaten the decency and interity of our society, undermine our political democracy and enervate the ule of law.
Sarge saluted WAICA and GIABA for what he describes as their commitment to a safer and more secure financial system in our sub-region.
Mr. Sarge, further exhort WAICA, GIABA and other sub-regional organisations to deepen collaboration for a stronger position to confront the many money laundering and financing Terrorism.
Secretary General and Chief Executive Officer of WAICA, William Coker, stated that since WAICA was established in 1973, they have been holding Educational Conferences in all member states on a rotation basis.
He noted that WAICA works with other international bodies within West Africa with a view to enhanching the efforts of ECOWAS in the social-economic intergration within our sub-region
According to him, the insurance industry is an integral part of the financial industry in any country and as such is vulnerable and prone to abuse and misuse by anyone just as other sectors of the financial industry.
Coker revealed that, WAICA executives committe is currently working hard to create and establish another sub-regional institution in the form of a Reinsurance Company to be located in Freetown, Sierra Leone.
Director General of GIABA, Dr. Abdullah Y. Shehu commended the government of The Gambia for enacting the laws on Anti -Terrorism amongst other laws noting that The Gambia has put many laws on money laundering and also establishing the Financial Intellengce Unit(FIU).
He spelled out that GIABA was set up by the Authority of Heads of states and Government of the ECOWAS stating that they work collaboratively with other institutions as far as money laundering and financing terrorism menance is concern.
Dr. Shehu explained that GIABA membership consists of ECOWAS member countries.
In declaring the conference opens, Minister of Finance and Economic Affairs, Honorable Abdou Kolley, welcomes WAICA, GIABA, and all other participants that are in attendance to the smiling coast of Africa The Gambia.
According to Kolley, the insurance industry sector is partners in the socio- economic development of any nation noting that they contribute to the trade, and commerce for the development market.
Minister Kolley said that money laundering is a crime as it affect any economy of a country adding that money laundering can cause billion of losses to a country.
He added that money laundering and financing of terrorism are thread to the good functioning of any financial system and can create both national and international threads.
Kolley noted that the Gambia has enacted many laws pertaining to combatingmoney laundering citing the enacting of the Anti-Terroriem law enacted in 2003, the convention on illict traffic in drugs etc.
Minister Kolley futher stated that the Gambia has establish its inter - ministerial committee consisting of the relevant ministeries and governmental departments such as Finance and Economic Affairs, Justic, Interiorand othet departments like Drug Enforcement Agency and the Dentral Bank of The Gambia.
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