Regional Financial bodies meet in Abuja over GTI report

Government officials from West African countries, regional financial institutions and experts have expressed concern over the 2022 Global Terrorism Index report, which found that three out of 10 countries with the highest levels of terrorism activity are from the region.

This was announced at the ongoing five-day regional filing in Abuja organized by the West Africa Intergovernmental Action Group Against Money Laundering (GIABA).

Using the theme "Current and Emerging Money Laundering and Terrorist Financing Issues," GIABA stated that the summit aims to raise awareness of emerging money laundering and terrorist risks. The meeting also served as a forum for sharing experiences on the subject and promoting cooperation and collaboration to effectively implement anti-money laundering/countering the financing of terrorism (AML/CFT).

Nigerian Financial Intelligence Unit (NFIU) Director/Chief Executive Officer Tukur Modibbo Ribadu announced at the beginning of the summit that it has conducted a comprehensive analysis operation focused on individuals, the activities of the Boko Haram sect and its affiliates finance in the country.

According to him, the government has so far requested additional information on suspected terrorist financiers from 28 countries.

"The intelligence report submitted to the government led to the formation of a multi-agency operation that led to a disparagement of Boko Haram's activities.

“I am happy to intimate this gathering that the Chad platform on terrorism financing last week, expanded its membership to 11 countries, including Chad, Cameroon, Mali, Burkina Faso, Togo, Niger and Benin. Meanwhile, observers are Ghana, Guinea and the Central Africa Republic”, Ribadu stated.

He added: “Meetings will now be held every three months with the Chad Basin and Sahel countries. This new synergy is good both for the exchange of experience and for the operational success of security authorities.”

In addition, GIABA Director General, Mr. Aba Kimelabalou, commended Nigeria's leadership in the fight against money laundering and terrorist financing in West Africa, including the passage of three key laws addressing identified strategic legislative deficiencies.

According to him, GIABA has adopted 12 mutual assessment reports, which indicate the existence of significant gaps, particularly in relation to national cooperation and coordination, the supervisory system and the implementation of preventive measures by the reporting institutions.

Kimelabalou added that the gaps negatively impacted the performance levels of the assessed countries, particularly their policies and coordination, preventive measures, legal entities and arrangements, beneficial ownership, and financial information.

The summit ends on Friday.

Source