Tuesday, 27 December 2011

http://tribune.com.ng/index.php/news/33346-giaba-calls-for-regional-framework-for-criminal-asset-recovery

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has called on member states of the Economic Community of West African States (ECOWAS) to institute framework for criminal asset recovery.

The call was made at the recently concluded three- day regional workshop on criminal asset recovery at the National Assembly Complex in Praia, Cape Verde.

Speaking at the opening ceremony, Director-General of GIABA, Dr Abdullahi Shehu, expressed concern that there were inadequate legal and institutional frameworks in West African countries to ensure that proceeds of crimes were forfeited, seized and recovered.

Shehu, who was represented by GIABA’s Director of Programmes and Projects, Dr Buno Nduka, noted that criminals and criminal organisations were attracted to countries where they could enjoy the proceeds of their crimes and evade the legal consequences of such crimes.

“The absence of the necessary legal and institutional frameworks and mechanisms that facilitate the detection, prevention and deterrence of economic and financial crime often allow criminals to hide the proceeds of their crimes either in the country where the criminal activity was committed or abroad, thus, assisting criminals to conceal, disguise the source, ownership, control and movement of crimes thereby lowering the chances of detection,” he said.

Speaking further, Shehu noted that the task of criminal asset recovery sought to ultimately protect national economies and the financial and banking systems of ECOWAS member states against the scourges of crime and to combat the financing of terrorism through “harmonized and concerted adoption of appropriate measures while creating a platform for a dynamic and broad-based economy.”

While he called on ECOWAS member countries to do all it took in order to effectively tackle criminal activities, the GIABA director-general said that “the realisation of the aim to take profit out of crime will be achieved through legal and related institutional measures, including preventive measures to be taken by financial institutions, designated non-financial businesses and professions, legal persons, and not-for-profit organisations as well as national coordination and international cooperation.”

Earlier in his welcome address, the GIABA National Correspondent of Cape Verde, Dr Antonio Varela, noted his country’s concerted efforts in fighting organised crime. He recounted that the country recently recorded great number of seizure of narcotics, resulting in freeze, seizure and confiscation of the proceeds of crime.

He also noted that while the arrest of criminals was an important component in the fight against crime, it was equally important to withdraw all the means by which criminal organizations may seek to continue their illicit activities.

Participants at the seminar included judges, prosecutors, investigators and officials of financial intelligence units who are responsible for asset recovery in their respective institutions.