ECOWAS Members Urged to Unite Against Illicit Financial Flows: Vice President Opoku-Agyemang Highlights Regional Security Concerns

Accra: The Vice President, Professor Naana Jane Opoku-Agyemang, has called upon ECOWAS member States to collectively tackle Money Laundering (ML), Financing Terrorism (FT), and Illicit Financial Flows (IFFs) to ensure regional stability and economic integrity. Addressing the Second Extraordinary Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Ministerial Committee meeting in Accra, she emphasized the need for a robust and forward-looking regional architecture to combat these threats.According to Ghana News Agency, the meeting convened key policymakers, experts, and leaders from across West Africa to discuss enhancing cooperation to protect the region's financial and economic systems. It also addressed the potential inclusion of Burkina Faso, Mali, and Niger (Alliance of Sahel States, or the AES) into GIABA as non-ECOWAS countries.Vice President Opoku-Agyemang highlighted that IFFs prosper under weak coordination and fragmented institutional presence, necessitating deeper en gagement with all parts of ECOWAS, including those undergoing political transitions. She acknowledged the governance and security challenges posed by these transitions but noted they have sparked vital discussions on regional cohesion and transnational threat mitigation.She also emphasized the importance of considering the roles and status of AES countries within GIABA, underscoring the need for regional unity, intelligence sharing, and balancing standards with solidarity. The Vice President expressed confidence in the Committee's commitment to strengthening regional cooperation and interdependence to build a secure future.Mr. Edwin W. Harris Jnr, GIABA's Director-General, stressed the importance of maintaining relations with AES countries for intelligence sharing and disrupting terrorist funding networks. He announced Mali's successful exit from the Financial Action Task Force (FATF) grey list and highlighted ongoing progress within the global network, including Nigeria and Burkina Faso's expected advanc ements.Mr. Thomas Nyarko Ampem, Ghana's Deputy Finance Minister, discussed the detrimental effects of IFFs on economic stability and governance. He praised GIABA's role in coordinating regional efforts against these threats and urged participants to approach discussions on AES membership with strategy and inclusiveness.Mr. Sheku Fantamadi Bangura, Sierra Leone's Finance Minister and new GMC chair, pledged commitment to advancing GIABA's mission. He advocated for shifting focus from technical compliance to demonstrable effectiveness in combating financial crimes through collective efforts.Ambassador Mohammed Lawan Gana, the ECOWAS President's Special Representative to Ghana, highlighted the challenges posed by terrorism, organized crime, and political complexities, urging countries to tackle the root causes of illicit financial flows to bolster regional integration and resilience.