Financial intelligence units and private sector are formidable and strategic allies in the implementation of effective measures against money laundering and terrorism financing, the Director General of Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Mr Aba Kimelabalou has said.
The summit, tagged “West Africa Compliance Summit 2022: Emerging Money Laundering & Terrorist Financing Issues,” is taking place in Abuja.
Mr Kimelabalou said as a mark of GIABA’s commitment to strengthen collaboration between public and private sectors, and amongst private sector operators in the implementation of AML/CFT in the region, we facilitated the establishment of the GIABA-Private Sector Consultative Forum and the Compliance Officers Forum of GIABA member States (COFGMS).”
Represented by GIABA’s Director of Evaluation and Compliance, Dr ‘Buno Nduka, the GIABA chief executive said the agency “will take every step necessary to ensure the operationalization of the GIABA-Private Sector Consultative Forum which has been inactive since its establishment. In this regard, GIABA will be glad to support the hosting of the first meeting of this forum as part of the preliminary meetings leading to its November 2022 Plenary and I look forward to welcoming you to that meeting.’
He also commended Nigeria, particularly “our three-line ministers for their commitment toward the implementation of the AML/CFT regime in the country.
“Recent steps taken, including the passage into law of three important legislations to address strategic deficiencies identified in your 2nd round mutual evaluation report are a clear demonstration of your commitments in this regard,” he said.
Mr Kimelabalou said, “I also wish to congratulate Nigeria for winning two awards relating to its mentorship role and contributions to enhancing the qualities of mutual evaluation and Follow-up reports during the 37th GIABA Plenary held in Saly, Senegal from May 29 to June 3, 2022.”
He said, “Indeed, this is a recognition of the country’s leadership role in the region. To the director of the NFIU and his team, I wish to express profound gratitude for your support towards the organization of this summit.”
The four-day event will provide ways of enhancing partnership and cooperation for effective implementation of AML/CFT preventive measures.
It will also discuss contemporary and emerging ML/TF issues that impact the AML/CFT regime in the region.
