GIABA and EU Launch Program to Strengthen AML/CFT in West Africa

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Europen Union (EU) will be organizig a Regional Workshop for the Launching of the “Strengthening of Anti-money Laundering Capacities in West Africa” project, captioned SAMWA-24594/366 844 (CRIS 24594). The meeting will hold on 25th November 2016 at the GIABA Secretariat. The overall objective of this Project is to contribute to the fight against Money Laundering and establish through GIABA and its Member States, anti-money laundering systems that will be compliant with international standards, particularly through the support provided to Financial Intelligence Units in the process of acceding to the Egmont Group.

More specifically, the project seeks to enhance the efficacy of the Financial Intelligence Units and Reporting Entities in analyzing financial intelligence, improve the quality of reports submitted and raise the awareness of reporting entities on their compliance obligations. The SAMWA project will also strengthen the capacities of Law Enforcement and Judiciary authorities to investigate money laundering cases and recover illicit assets. Finally, it will help in further sensitizing public opinion and establishing the level of political commitment to the fight against money laundering.

One of GIABA’s key mandates is to protect the do

mestic economies as well as the financial systems of Member States from the proceeds of crime and terrorist financing. The fight against these scourges requires the establishment of solid legal, regulatory and institutional systems in Member States. Within the framework of international cooperation, GIABA has solicited and obtained funding from the EU to strengthen the capapcities of stakeholders. The financing package allocated to the SAMWA project by the EU amounts to FCFA 965 million under the 10th European Development Fund (Regional Programme for West Africa) for the period spanning 2015-2020. Added to this EU package is GIABA’s contribution to the tune of  FCFA 393 million.

The beneficiaries under this project are the 15 ECOWAS Member States, paticularly stakeholders in the financial sector, non-financial institutions, designated non-financial businesses and professions, Financial Intelligence Units, the Judiciary, Law enforcment agencies and the Civil Society.