Accra: ECOWAS Resident Representatives from member states have been encouraged to leverage their strategic influence to promote high-level political commitment towards Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML, CFT, CPF) reforms. Mr. Albert Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), emphasized this at the onset of a two-day seminar in Ghana. The seminar, held under the auspices of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), focuses on the critical role of ECOWAS Resident Representatives in fostering compliance with AML, CFT, CPF directives in member states.
According to Ghana News Agency, Mr. Boafo, who also serves as GIABA's National Correspondent, highlighted the dual threat of Money Laundering and Terrorism Financing (ML/TF) that continues to jeopardize peace, stability, and economic development across member states. He stressed that the seminar aims to enhance participants' capacities, providing a platform to strategize on leveraging their influence to implement AML, CFT, CPF frameworks throughout the West African sub-region. The goal is to combat financial crime by promoting robust engagement between GIABA and national authorities, advocating for adequate resourcing, and strengthening accountability mechanisms for timely implementation of regional commitments.
Mr. Edwin W. Harris Jnr, Director-General of GIABA, underscored the urgent need for collective efforts to counter Illicit Financial Flows (IFFs) to foster stable economies and societal development in the sub-region. He noted several achievements of GIABA, including restoring its global reputation and removing member states from the FATF grey list. As GIABA prepares to celebrate its Silver Jubilee, Mr. Harris looks forward to new opportunities and a redefined mandate.
Ambassador Mrs. Perpetua O. Dufu, from Ghana's Ministry of Foreign Affairs, commended GIABA's sustained efforts in capacity building. She warned against the sub-region's economic vulnerabilities and transnational threats, urging that ML and related financial crimes must be addressed to prevent further economic distortion and insecurity. Mrs. Dufu also reaffirmed Ghana's commitment to supporting GIABA and ECOWAS in strengthening financial oversight frameworks.
Ambassador Mohammed Lawan Gana, the ECOWAS Resident Representative in Ghana, emphasized the need for sustained political will and public engagement to address the root causes of illicit financial flows. He highlighted the importance of regional intelligence sharing and technological modernization to combat the convergence of insecurity and financial crimes. Ambassador Gana noted GIABA's central role since 2022 in supporting member states to counter money laundering and terrorist financing in line with international standards set by the FATF.
He further advocated for social re-engineering to address collapsed value systems and urged governments to improve citizens' welfare, thereby reducing the temptation to engage in criminal activities.
