GIABA Commences Regional Training For Journalists

GIABA plays a significant role in maintaining a well-functioning monetary system

By Sylvester Samba In Liberia

A three (3) day Regional Training Workshop on Investigative Reporting on Economic and Financial Crimes for Journalists in West Africa countries commenced in Monrovia, Liberia. The training, which is expected to come to an end on Thursday 28th November 2019, is organized by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). The Deputy Minister of Fiscal Affairs/Ministry of Finance and Development Planning, Hon. Samara P.Z. Wolokolie, on behalf of the Minister of Finance and Development Planning, gave the keynote address and formally declared the training opened.

In his opening statement, Hon. Wolokolie said as the lead Inter-Government Action Group against Money Laundering in West Africa, GIABA, plays a significant role in maintaining a well-functioning monetary system. With the prevalence of money laundering activities across the global financial and monetary systems - the strategic importance of GIABA cannot be overemphasized. The creation of GIABA through the sagacity of West African leaders is a clear indication yet that West Africa is ready for business and is prepared to play by the rules in its financial and monetary dealings.

Our commitment to eradicating illicit trade, dubious financial transactions, and discourage money laundering activities demonstrates that West Africa is ready to play by the rules, committed to expose and prosecute fraudulent activities.

View fullsize

View fullsize

View fullsize

View fullsize

Institutions such as GIABA give confidence to the business community and our international partners that there are structures and safeguards to protect them against money laundering and fraudulent activities.

The training organized to improving experienced journalists' understanding of AML/CFT issues, enhance their investigative and technical capabilities by equipping them with practical tools for the production of quality articles and reporting on money laundering and terrorist financing cases. It also strengthens the capacity of the network of Journalists to produce factual information on AML/CFT developments in West Africa.

To achieve the stated objectives, pertinent themes selected and delivered by prominent experts - Effective techniques and methods of producing journalistic materials on financial and economic crimes, the role of the media in promoting good governance as well as strategies, and mechanisms for setting up networks of media actors in AML/CFT. In implementing its intervention strategy, GIABA has enhanced and expanded the stakeholder scope to non-traditional entities, to ensure a global and complementary approach to the fight.

One of the entities includes the media, which plays a paramount role in promoting good governance, drawing governments` sustained attention to value for money in expending public resources, enhancing the protection of citizens' rights, and guaranteeing the production of information on Money Laundering practices and other related offenses.

In line with its mandate, GIABA has been carrying out awareness-raising programs for media professionals since 2009, resulting in the establishment in 2010 in Abuja, the Federal Republic of Nigeria, of a regional network of investigative journalists, specialized in reporting economic and financial crimes.

The 2016-2020 Strategic Plan developed by GIABA against the backdrop of the ever-evolving global AML/CFT outlook following the revision of the FATF Standards and Methodology focuses on the obligation to make regional AML/CFT interventions more effective. It aims at contributing to Member States` AML/CFT efforts, strengthen the commitment of non-state actors and critical sectors playing crucial roles in the effective implementation of AML/CFT measures.

Hon. Edwin W. Harrison, Director of the Financial Intelligence Unit (FIU) in Liberia, on behalf of the Government and people of Liberia, extends his appreciation to the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) for selecting Liberia to host this training. He pointed out the three (3) days training in our media landscapes immense exposure about ML/TF. This training will help participants in effective, accurate reporting, and equipped to spot the vices associated with these and other predicate offenses.

RELATED

GIABA, FIU Engages Sierra Leonean Youths On AML/CFT

The Role of the Youths in the fight against transnational organized crimes

By Sylvester Samba

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on Thursday 21st November 2019, organized its 12th Open House Forum on Anti-Money Laundering, and Counter-Financing of Terrorism (AML/CFT) for Youths in Sierra Leone. The 12th edition held at Fourah Bah College (FBC) in Freetown, Sierra Leone. The forum brought together student representatives from tertiary institutions, civil society organizations, the media, and officials of regulatory agencies involved in the fight against money laundering and terrorist financing.

The one-day engagement done in collaboration with the country's Financial Intelligence Unit (FIU). Critical for good governance and advocate for democracy, and empowering the Youths towards raising the desired level of awareness in combating transnational organized crimes, particular, money laundering and terrorist financing. The theme for the 12th edition of the Open House Forum is "The Role of the Youths in the fight against transnational organized crimes."

“The proceeds from crime fuel corruption, in turn, facilitate the commission of crimes and undermines the rule of law. Nations must cooperate and deal with the threat as organized crimes know no borders. Recognition of the negative effect of money laundering and terrorist financing prompted the international community to take measures to combat them.”

— Mr. Timothy Melaye, Information Manager of GIABA Information Center, Lagos

Mr. Mohamed Kenewui Konneh, FIU Director, give a welcome address

In his welcome address, the Director of FIU, Mr. Mohamed Kenewui Konneh who also doubles as GIABA National Correspondent said as part of its sustained efforts to raise awareness against the twin evils of Money Laundering and Terrorist Financing in the West African Sub-region, GIABA considers the importance of establishing strategic partnerships with civil society and youths.

The Open House Forum, one of the Awareness and advocacy strategies adopted by GIABA,

1. alert the young population in the region to the threats of money laundering and financing of terrorism.

2. raise awareness in a concerted manner on the need to protect national economies and financial systems of ECOWAS member states against the laundering of proceeds from crimes.

Money Laundering and Financial Terrorism severely undermine sustainable development by eroding human capital, social, and political stability, causing an artificial rise in the cost of business, and driving away investment. The menace poses threats to peace, security, and sustainable development in any nation.

The Minister of Youths, Mr. Mohamed O. Bangura, declared the session opened. A statement delivered by both the Deputy Minister of Internal Affairs, and Deputy Minister Attorney General and Justice.

View fullsize

View fullsize

View fullsize

Questions and answers sessions after PowerPoint presentations on the overview of Anti-Money Laundering/Combating the Financing of Terrorism, (AML/CFT) Initiatives, and the Role of GIABA. The Role of the Youths in Combating Transnational Organized Crime and the Negative Consequences of Engaging. Understanding GIABA's Roles, Mission, and Mandate and the Establishing Students and Youth Network against ML/FT (SYN-AML/TF).

A Resolution and Communiqué climaxed the program.

RELATED

The Inter-Governmental Action Group Against Money Laundering In West Africa - Invitation To Participate

Congratulations Mr. Sylvester Samba

By YAME Editorial Board

Mr. Sylvester Samba, GIABA Participant

YAME Editorial Board wishes to congratulate Mr. Sylvester Samba, Global Times Newspaper Senior Reporter, Freetown, Sierra Leone, and YAME News & Media Contributor, for having invited by GIABA to participate in a Regional Training Workshop on Investigative Reporting on Economic and Financial Crimes for Journalists in Monrovia, Liberia, November 26 - 28, 2019.

The Inter-Government Action Group against Money Laundering in West Africa (GIABA) is a specialized institution of the Economic Community of West African States (ECOWAS) and Financial Action Task Force-Styled Regional Body (FSRB) established by the Authority of Heads of State and Government of ECOWAS in the year 2000 with the mandate to protect the economies of Member States, from the laundering of the proceeds of crimes.

Money laundering is a complex phenomenon generating serious consequences politically, social, and economic development of countries of the world. It facilitates crime and corruption, which are antithetical to sustainable development. In particular, money laundering impairs the development of institutions (democratic, financial, education, health, etc.)

Unfortunately, developing countries are disproportionately at risk due to poor capacity to deal with the problem. The last twenty years have witnessed increased efforts and collaboration to address the issues of money laundering and other forms of organized crimes that plague society. International initiatives in the form of AML/CFT frameworks have been designed. Most countries and jurisdictions have subscribed to these measures. An effective AML/CFT framework reinforces a variety of good governance policies that help to sustain economic development.

Given the immensity of issues involved, the stakeholders' base has been broadened to include non-traditional entities to ensure a holistic approach and complementaries in the fight.

Our hats off to you, Sylvester.

GIABA’s Mission

GIABA is an institution of the Economic Community of West African States (ECOWAS) responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa. It is also a FATF-Styled Regional Body (FSRB) working with its member States to ensure compliance with international AML/CFT standards.