The inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) with the European Union (EU) commenced 4 days workshop on Anti-Money Laundering and Combating Terrorism Financing at the Metzy Residence Hotel in Kololi 4th March, 2019.
The theme for this training workshop is “Harmonizing the implementation of preventive measures on money laundering and terrorism financing” for Staff of financial institutions in the Gambia.
The First Deputy Governor, Central Bank of the Gambia Dr. Seeku A K Jaabi said that Money Laundering is simply the process of disguising the proceeds criminal conduct to appear to have legitimate origin in which the wealth to be laundered can be generated from a number of criminal acts.
Money Laundering he said has proven to be a menace in the World; and the efforts required in the prevention, detection and prosecution as it continues to exist due to sophisticated techniques used by criminals to launder money and finance terror.
Dr. Jaabi revealed that Money Laundering has devastating effe effects on national’s economies in terms of huge disruption of economic fundamentals, isolation in global financial markets, increasing economic crimes and serious socio-economic consequences with developing countries more exposed and vulnerable to its exploits.
He is optimistic that, participants utilized the knowledge gain in this 4 days will greatly help Gambia in increasing its machinery to combat this challenge.
Jaabi hailed the Gambia for enacting acts that are inline with this process most especially the Anti-Money Laundering and Combating of Financial Terrorism Act of 2012 to address the shortcomings identified in the Money Laundering Act 2003 and the Anti-Terrorism Act 2002 based on the Mutual Evaluation conducted by GIABA on the Gambia in 2008. As a unit within Central Bank of The Gambia, FIU grew to an autonomous body with the inauguration of its board in February 2013.
Dr. Seeku Jaabi thanked the EU and GIABA for the funding and logistical support towards the smooth conduct of the training and looking forward for more support to continuously build capacities of key stakeholders in their efforts to combat the twin menace of money laundering and terrorism financing. Other speakers include; the Permanent Secretary, Ministry of Finance and Economic Affairs, Director of FIU and GIABA National Correspondent and EU representative respectively.
The Inter-Government Action Group Against Money Laundering in West Africa (GIABA) is a specialized institution of the Economic Community of West African States (ECOWAS) established in 2000 by the Authority of Heads of State and Government of ECOWAS. GIABA has the mandate to assist member states in protecting their economies and financial sectors from being used to launder the proceeds of crime and terrorism financing.
In a bid to step up its assistance to member states, GIABA signed a Financial Agreement with the European Union (EU) within the framework of the 10th European Development Fund (EDF), under the “Strengthening Anti-Money Laundering in West Africa” (“SAMWA”) project. The SAMWA project is to strengthen the capacity of relevant stakeholders including reporting institutions, to enhance the fight against Money Laundering in member states. The Member States in focus are: The Gambia, Guinea Bissau, Liberia and Sierra Leone.
BY: ADAM DRAMMEH
The theme for this training workshop is “Harmonizing the implementation of preventive measures on money laundering and terrorism financing” for Staff of financial institutions in the Gambia.
The First Deputy Governor, Central Bank of the Gambia Dr. Seeku A K Jaabi said that Money Laundering is simply the process of disguising the proceeds criminal conduct to appear to have legitimate origin in which the wealth to be laundered can be generated from a number of criminal acts.
Money Laundering he said has proven to be a menace in the World; and the efforts required in the prevention, detection and prosecution as it continues to exist due to sophisticated techniques used by criminals to launder money and finance terror.
Dr. Jaabi revealed that Money Laundering has devastating effe effects on national’s economies in terms of huge disruption of economic fundamentals, isolation in global financial markets, increasing economic crimes and serious socio-economic consequences with developing countries more exposed and vulnerable to its exploits.
He is optimistic that, participants utilized the knowledge gain in this 4 days will greatly help Gambia in increasing its machinery to combat this challenge.
Jaabi hailed the Gambia for enacting acts that are inline with this process most especially the Anti-Money Laundering and Combating of Financial Terrorism Act of 2012 to address the shortcomings identified in the Money Laundering Act 2003 and the Anti-Terrorism Act 2002 based on the Mutual Evaluation conducted by GIABA on the Gambia in 2008. As a unit within Central Bank of The Gambia, FIU grew to an autonomous body with the inauguration of its board in February 2013.
Dr. Seeku Jaabi thanked the EU and GIABA for the funding and logistical support towards the smooth conduct of the training and looking forward for more support to continuously build capacities of key stakeholders in their efforts to combat the twin menace of money laundering and terrorism financing. Other speakers include; the Permanent Secretary, Ministry of Finance and Economic Affairs, Director of FIU and GIABA National Correspondent and EU representative respectively.
The Inter-Government Action Group Against Money Laundering in West Africa (GIABA) is a specialized institution of the Economic Community of West African States (ECOWAS) established in 2000 by the Authority of Heads of State and Government of ECOWAS. GIABA has the mandate to assist member states in protecting their economies and financial sectors from being used to launder the proceeds of crime and terrorism financing.
In a bid to step up its assistance to member states, GIABA signed a Financial Agreement with the European Union (EU) within the framework of the 10th European Development Fund (EDF), under the “Strengthening Anti-Money Laundering in West Africa” (“SAMWA”) project. The SAMWA project is to strengthen the capacity of relevant stakeholders including reporting institutions, to enhance the fight against Money Laundering in member states. The Member States in focus are: The Gambia, Guinea Bissau, Liberia and Sierra Leone.
BY: ADAM DRAMMEH