May 20, 2011, 17:04       

http://news.sl/drwebsite/publish/article_200517893.shtml

The Director–General of Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), Abdullahi Shehu, has said transnational organized crimes, especially money laundering and terrorist financing, pose serious threat to international peace and security.

He made this statement recently during the official opening of the GIABA Anti-Money laundering Terrorist Financing (AMLCFT) Information Centre in Lagos Nigeria.

The ceremony attracted a battery of journalists from Sierra Leone, Liberia, Ghana, Gambia and Nigeria.

GIABA DG described money laundering and terrorist financing as a complex phenomenon with serious consequences on political, social and economic development.

He said as cross border criminality does not respect sovereignty, no nation can effectively tackle it in isolation, thus the necessity for international cooperation.

He explained that GIABA was established by ECOWAS to coordinate the regional efforts in dealing with the aforementioned problems.

Dr. Abdullahi. Shehu iterated that GIABA’s mission is to promote concerted actions in the design and diligent implementation of harmonized anti-money laundering and combating the finance of terrorism (AMLCFT) regimes in West Africa consistent with accordable international standards and thereby enhancing the safety and stability of the economies of other states. GIABA, he said, strives to achieve this mission by fostering strong AMLCFT compliance culture, strengthening regional and international cooperation and increased visibility in playing its role as a specialized institution of the ECOWAS, as well as a Financial Action Task Force Style Regional Body (FSRB).