Jan.23, 2010

The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) is organizing from 27- 28 January, 2010 in Bissau, the Guinea Bissau capital, a workshop on laundering the proceeds from illegal trafficking in drugs and psychotropic substances in West Africa.

According to a press release issued here Friday by the GIABA Communication Unit in Dakar, the workshop, which is aimed at identifying the techniques and methods used to launder the proceeds from illegal trafficking of narcotic drugs and psychotropic substances is expected to draw experts and stakeholders on drugs and related illicit substances across the West Africa sub-region.

Other objectives of the two- day workshop is to raise awareness about the potential security threats posed by the laundering of proceeds from illegal drug trafficking and its consequences on the national economies.

Furthermore, according to the release, participants at the workshop shall brainstorm on the possible financing of terrorists using proceeds from illegal trafficking in drugs and examine the vulnerabilities within the existing regulatory framework of member states with a view to recommend measures to combat the laundering of proceeds from drug trafficking.

It would be recall that one of the core functions of GIABA as a regional body is to determine the trends, methods and mechanisms of money laundering and terrorist financing.

It is in this regard that the 10th Technical Commission / Plenary Meeting of GIABA held in Dakar, Senegal in November 2008 approved a concept note for an exercise on laundering the proceeds from illegal trafficking in drugs and psychotropic substances, the release concludes.