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— Contest focuses on Impact of ML/TF on Economies of West Africa
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has concluded its 7th Inter-Universities Speech Contest in Monrovia, Liberia, as part of its ongoing campaign against money laundering and terrorist financing (ML/TF).
The event, held at the auditorium of the African Methodist Episcopal University (AMEU) on Camp Johnson Road, on Tuesday, December 3, 2024, brought together students from five English-speaking West African countries—The Gambia, Liberia, Ghana, Sierra Leone, and Nigeria—to debate on the impact of Money Laundering and Terrorist Financing on Economies of West Africa.
Representing GIABA, Director General Mr. Edwin W. Harris at the opening ceremony was Timothy Melaye, Head of Communications of GIABA, who stated that the event presents an opportunity to strengthen collaboration with the academia in their shared responsibility to address the twin problems of money laundering and terrorist financing (ML/TF).
He noted that these crimes are significant obstacles to the development of the region, causing adverse impacts such as erosion of reputation, loss of foreign direct investment, poor infrastructural development, dwindling confidence, and distortions in political and financial systems.
Melaye underscored that money laundering and terrorist financing have far-reaching implications for regional security and development.
He cited GIABA’s research and typology studies, including reports on the trafficking of small arms and light weapons, the nexus between money laundering and insurgency, and studies on tax fraud and its implications for human development. These studies provide critical insights into the evolving nature of ML/TF threats and inform strategies to mitigate their impact.
Despite significant progress made by member states in implementing AML/CFT regimes, Melaye stressed the need for sustained efforts. He explained that the implementation of AML/CFT standards within West Africa poses unique challenges and requires collective, concerted, and coordinated efforts at all levels. He further highlighted the dynamic nature of the criminal world, which necessitates adaptive and collaborative strategies to address emerging threats effectively.
Educational institutions play a pivotal role in the fight against money laundering and terrorist financing, according to Melaye. As the foremost socializing institutions after the family, schools are grounds where future leaders are molded. According to him, academia has a critical role in addressing these menaces. Melaye urged universities to integrate AML/CFT topics into their curricula, raise awareness within the academic community, and foster research on AML/CFT-related issues. By promoting education and awareness, a generation of informed leaders equipped to combat these challenges can be built.
The Inter-Universities Speech Contest, a flagship initiative of GIABA, is designed to deepen students’ understanding of AML/CFT issues. Melaye encouraged participants to take ownership of the fight against money laundering and terrorist financing through their commitment and motivation. He emphasized that while GIABA’s efforts at the regional level are impactful, they require corresponding commitments at national and institutional levels.
Melaye highlighted that these efforts have contributed to improved governance, enhanced development, and strengthened security in several member states. However, he emphasized that the fight against ML/TF is an ongoing battle requiring robust support from national authorities, institutions, and the general public.
As GIABA continues its mission, Melaye called for heightened collaboration across all sectors, including academia, government, and civil society. He reiterated that the success of GIABA’s efforts depends on the active participation of all stakeholders. He emphasized that the fight against ML/TF is not just a regional or institutional responsibility but a collective duty that requires unwavering commitment at all levels.
Deputy Director General of Liberia’s Financial Intelligence Agency (FIA), Amos Y. Boakai, also spoke at the event, highlighting the importance of GIABA’s work. Boakai reaffirmed Liberia’s commitment to combating ML/TF, noting that the FIA plays a vital role in implementing corrective measures to address these challenges.
He acknowledged that while the work of the FIA may not always make them system-friendly, it is a necessary part of the government’s ARREST agenda. Boakai assured the audience of the FIA’s resolve to continue its efforts despite resistance from individuals who benefit from financial crimes at the expense of the broader population.
Established in 2000 by the Economic Community of West African States (ECOWAS), GIABA serves as a Financial Action Task Force (FATF)-styled regional body with a mandate to protect member states’ economies from abuse and the laundering of criminal proceeds. GIABA also assesses member states’ compliance with international AML/CFT standards. Since its establishment, GIABA has taken significant steps to support its member states.
These include enacting and strengthening AML/CFT legal and regulatory frameworks, developing national AML/CFT strategies, establishing and enhancing Financial Intelligence Units (FIUs), promoting inter-ministerial coordination on AML/CFT issues, and building the capacity of relevant authorities and agencies through training, mentorship, and the provision of equipment.
The 7th edition of the Inter-Universities Speech Contest concluded with a display of intellectual prowess by participants. Student Ebou Cham from The Gambia University emerged as the first winner, receiving a cash prize of US$ 1,000, a laptop, a clock, and a certificate.
The second-place winner from Ghana received US$ 750, along with similar prizes, while the Liberian participant secured third place with a cash prize of US$500 and accompanying awards. The contest showcased the depth of understanding and passion among students for addressing ML/TF issues. Melaye commended the participants for their dedication and encouraged them to remain advocates for AML/CFT efforts within their communities and beyond.
