Peer-review anti money laundering, financial terrorism strategies - Speaker Oquaye

Professor Aaron Michael Oquaye, Speaker of Parliament, has suggested to African leaders to adopt best international standards and practices against money laundering and financial terrorism.

He called on African governments to peer-review to assess the impact of measures adopted against the threats.

The Speaker made the suggestion when a delegation from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) called on him at his office, at Parliament House, in Accra.

Speaker Prof. Oquaye challenged West African member states to establish and implement anti-money laundering and counter-financing of terrorism regimes and implement laws against the proceeds of crime through mutual legal assistance.

He further called for the establishment and maintenance of Financial Intelligence Units, urging West African governments to protect their national economies, financial and banking systems against the proceeds of crime and combat the financing of terrorism.

Mr Justice Kinelabalou, Director-General of GIABA, who led the delegation, congratulated the President of Ghana, Nana Akufo-Addo on his election as the Chairman of ECOWAS, and Ghana’s contribution to the sub-regional body.

Mr Kinelabalou appealed to ECOWAS member states to give enthusiastic support to GIABA’s decisions and appealed to the Speaker to bring on board Ghana’s expertise and experiences to reflect on how best to overcome the challenges of money laundering and terrorism financing.

The GIABA is a specialised institution of the Economic Community of West African States (ECOWAS) responsible for facilitating the adoption and implementation of Anti-Money Laundering and Counter-Financing of Terrorism in West Africa.

With its secretariat located in Dakar, Senegal, it is the regional financial action task force body working with its ECOWAS member states to ensure compliance with international anti-money laundering and counter-financing of terrorism standards with a mission for facilitating the adoption and implementation of anti-money laundering and counter-financing of terrorism in West Africa.

The institution was established in December 1999 by the Authority of Heads of State and Government of the ECOWAS and the main focus area at its inception was the protection of West African economies and financial systems against money laundering.

In January 2006, its statutes were revised to reflect the growing link between money laundering and terrorist financing, following terrorist attacks on the United States of America on September 11, 2002, hence the incorporation of Counter- Financing of Terrorism into GIABA’s mandate.

GIABA member states include Benin, Burkina Faso, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea-Bissau, Republic of Guinea, Liberia, Mali, Niger, Federal Nigeria, São Tomé and Príncipe, Senegal, Sierra Leone, Togo, Dakar and Senegal.