By Amin Kef (Ranger)
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is holding its Statutory Meeting in Sierra Leone’s capital, Freetown, from November 17 to 26, 2024. The high-profile event, taking place at the New Brookfields Hotel, has gathered over 200 delegates, including heads of Financial Intelligence Units (FIUs) from 16 ECOWAS member states, experts in financial crimes, regional and international partners.
The meeting, which marks the 42nd Technical Commission/Plenary and 29th Ministerial Committee Meeting, is a biannual event dedicated to assessing progress and addressing challenges in combating money laundering, terrorist financing, and illicit financial flows.
President Dr. Julius Maada Bio, in addressing participants on the 23rd November, 2024, emphasized Sierra Leone’s unwavering dedication to combating money laundering and terrorism financing.
He reaffirmed the nation’s alignment with global best practices and standards established by the United Nations, the Financial Action Task Force (FATF) and other international organizations to counter financial crimes effectively.
“Our commitment to the fight against money laundering and terrorism financing remains resolute,” he declared. “We have taken significant steps to ensure our policies meet international benchmarks, safeguarding not only our nation but also the wider West African region.”
President Bio also highlighted the importance of collaboration among ECOWAS member states, urging the continuation and strengthening of joint efforts. “We must build on the gains we have made as ECOWAS member states by deepening our collaboration to combat money laundering and terrorism financing,” he stated.
The President’s remarks underscored Sierra Leone’s leadership role in regional security and economic integrity, reflecting the country’s broader strategy to uphold transparency and accountability while fostering sustainable development.
His call to action serves as a reminder of the shared responsibility of nations in safeguarding financial systems and promoting regional stability.
It must be noted that one of the major highlights of this year’s meeting is the consideration and adoption of the 2nd Round of the Mutual Evaluation Report for São Tomé and Príncipe. This report is a critical tool for evaluating member states’ compliance with the Financial Action Task Force (FATF) recommendations, which form the global standards for combating financial crimes.
Delegates are also reviewing Follow-Up Reports for Nigeria, Sierra Leone, and Senegal and discussing strategies to enhance compliance and strengthen anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks across the region. Several memoranda aimed at ensuring the effective implementation of FATF standards are also being deliberated upon.
Sierra Leone’s Minister of Finance, Sheku Fantamadi Bangura, officially opened the Technical Commission/Plenary session on November 21. He emphasized the need for a proactive approach to combat evolving financial crimes, driven by advancements in technology.
“Economic crimes know no boundaries. Recent advancements in technology, while offering opportunities for growth, also present significant risks. These risks must be addressed to safeguard our economies and ensure regional peace and stability,” said Bangura.
This is the first time in 15 years that Sierra Leone is hosting this significant event. David Borbor, Director General of the Financial Intelligence Agency of Sierra Leone, described the occasion as a testament to Sierra Leone’s dedication to fostering transparent financial systems.
The meeting also addressed the growing drug crisis in West Africa, which has become a significant concern due to its potential to fuel terrorism. GIABA’s Director General, Edwin Harris Jnr, who assumed office in August 2022, highlighted the urgency of addressing the issue.
“Drug trafficking continues to erode the future of our member states. Criminal networks benefit from the proceeds of this illicit trade, undermining governance and security,” Edwin Harris warned.
Edwin Harris called on ECOWAS member states to declare a state of emergency on drug trafficking and adopt stringent legislative measures to punish traffickers while providing rehabilitation for victims. He stressed that removing the profit motive from criminal activities is one of the most effective ways to combat such crimes.
The ECOWAS Commission President, represented by Special Technical Adviser Mamburay Njie, emphasized the importance of unity and cooperation in tackling financial crimes. Njie acknowledged progress made during the second round of Mutual Evaluations but raised concerns over the low effectiveness of implementation by member states.
“The lack of effective implementation poses a threat to regional integration and security. We must work together to overcome these challenges,” Njie stated.
The meeting will culminate on November 26 with the Ministerial Committee Meeting, during which delegates will consider and adopt the Director General’s Summary Activity Report, the Report of the 42nd Technical Commission/Plenary, and other confidential documents.
The gathering underscores GIABA’s commitment to fostering regional solidarity, sharing best practices, and addressing emerging challenges in combating financial crimes and terrorist financing. As Sierra Leone hosts this pivotal meeting, it reaffirms its leadership in promoting secure and transparent financial systems in West Africa.
