https://salonemessengers.com/giaba-reports-highlights-progress-in-strengthening-fius/

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has launched its 2024 annual report in Dakar, Senegal. The report highlights the remarkable progress it has made in strengthening the capacity of Financial Intelligence Agencies across member states.

This year GIABA is marking its 25th anniversary, and Director General, Edwin Harris Jnr has doubled down on his commitment to update every member states on the important work the institution is doing.

Speaking during the launch of the report, Director Harris said:

“Today, it is on record that commendable improvement has been made in the implementation of the AML/CFT (Anti-Money Laundering/Combating Financing Terrorism) regime across the region. Member countries have made significant progress and are implementing their AML/CFT regimes at various levels.”

He said this improvement across the region has contributed to “good governance, enhanced development and security in several member states.

Among a number of progress, GIABA has intensified advocacy efforts across the region, earlier this year the Director General visited Sierra Leone and met with President Julius Maada Bio and top government officials. The visit was highlighted in the report. The President and officials further committed their support to tackling issues like money laundering and terrorism financing.

Sierra Leone’s Financial Intelligence Agency has undergone the second round of evaluation alongside other FIUs in GIABA member states. The country has made remarkable progress and continues to work towards implementing recommendations in time for the next round of followups in February 2027.

Through the leadership of Director General of Sierra Leone’s FIA, David Borbor, the country has further strengthened its global position in the global AML/CFT fight by being admitted to the prestigious Egmont Group, after an eight year wait.

Speaking on the admission last month, Director Borbor said:

“Joining the Egmont Group is not merely a symbolic gesture for FIA Sierra Leone. It is a fundamental step toward enhancing our operational capabilities, strengthening our analytical intelligence, and, most importantly, expanding our reach in cross-border financial investigations. We recognize that financial crime knows no borders, and effective collaboration among FIUs is the most potent weapon in our arsenal.”

But despite the progress Sierra Leone has made, there are growing risks in the region that countries like Sierra Leone has to be prepared for. One of those risks is, terrorism financing in the Sahel. Reports have shown that Sahel is the new hot spot for terrorism, with a growing number of armed insurgent groups springing up in the region.

New ECOWAS Chairman, President Julius Maada Bio has put security on his agenda, working with member states for peace and security.

Another emerging risk is illicit financial flows through extractive sector and weak regulatory oversight of the Designated Non-Financial Businesses and Professions Sector in the region.

According to a study commissioned by GIABA in Nigeria, Ghana, Senegal, Cape Verde, Benin and Ivory Coast, legal structures in these countries are not strong enough to tackle trade based financial crime.

“ Legal structures in West Africa facilitates cross-border money laundering and trade based financial crime, particularly through import-export businesses and professional service providers (lawyers, accountants and real estate agents)” the report states.

The general outlook for AML/CFT in the region is good, according to the report. With more political commitment, GIABA is hoping to achieve more with individual member states and prepare them for the 3rd mutual evaluation.