GIABA-ECOWAS Empower Youth

…To fight money laundering

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will hold a day-open-house forum on “The Role of Youth in Combating Money Laundering and Terrorist Financing (ML/TF) in West Africa” tomorrow Thursday, March 10, 2011 at the Teachers’ Hall Complex, Accra, Ghana.

The event — which is the fourth edition in the series of GIABA Open-House-Forum — serves as a platform to educate stakeholders from ECOWAS member states on the harmful effects and debilitating impact of money laundering and financing of terrorism on peace, security and sustainable development in West Africa.

GIABA is a specialised ECOWAS institution established in the year 2000 by the authority of heads of state and government of ECOWAS with the mandate to protect the national economies and the financial systems of member states from the laundering of proceeds of crimes in particular money laundering and terrorist financing.

As part of its sustained efforts to raise awareness against the twin scourges of ML/TF in the region, GIABA in its 2011-2014 Strategic Plan considered the promotion of strategic partnerships with civil society organisations and development partners of utmost importance, especially in the dawn of regional integration with its attendance challenges including curbing transnational organised crimes.

The open house is one of the awareness and advocacy strategies adopted by GIABA to sensitise stakeholders, particularly the youth, on the threats of money laundering and financing of terrorism and to enable them to advocate for strong AML/CFT measures in the region.

About 100 participants comprising students of tertiary institutions, civil society organizations and the media and top government officials and regulatory agencies involved in the fight against money laundering and terrorist financing are expected to take part in the event.

The event will be declared open by the Minster of Justice and Attorney-General of the Republic of Ghana, while the Director-General of GIABA, Dr. Abdullahi Shehu, and GIABA National Correspondent of Ghana, Mr. Samuel T. Essel, will deliver a keynote address and a welcome address respectively.

Highlight on the event will be a road show procession and presentation of lectures by GIABA faculty and regional expert on anti-money laundering and combating of terrorism financing (AML/CFT) regime.

GIABA as a regional body started operations in 2005.

Part of its mandate include provision of technical assistance to member states against the threats caused by money laundering and financing of terrorism and developing of strategies to protect the national economies, especially the financial and banking sectors.