Pana 25/02/2011

http://www.afriquejet.com/news/africa-news/nigerian-bank-joins-global-fight-against-money-laundering-201102252957.html

Lagos, Nigeria - One of Nigeria’s leading financial institutions, Access Bank Plc, has joined the global fight against money laundering, representing West Africa at the ongoing Financial Action Task Force (FATF) plenary meeting in Paris, France, according to a statement from the organization which was made available to PANA here.

“Nigeria’s profile in the international fight against money laundering and financial crimes was given a boost by the invitation of Access Bank to the 20-25 February meeting,' the statement said.

The Bank’s participation will enable it participate in the Working Group on Evaluation and Implementation (WGEI) and also participate in discussions on the Mutual Evaluation Reports of France and Netherlands.

This is expected to enhance institutional capacity in the fight against  money laundering and other related offences.

FATF is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terror financing.

In existence since 1989 , the Task Force is a 'policy-making body' which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

Access Bank’s invitation to the meeting is on the strength of new status, in FATF, of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

GIABA was established by the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in 2000.

It is a specialized institution of ECOWAS responsible for the prevention and control of money laundering and terrorist financing in the region.

This is one of the major responses and contributions of the ECOWAS to the fight against money laundering.