Jul.09 2010, 19:13

Representatives of several banking institutions in West Africa have consented to a joint anti-money laundering agency to help combat the vice in the region.

Officials of the Inter-Governmental Action Group Against Money Laundering and Terrorist Financing in West Africa say the financial experts have a strong role in combating the vice.

“Their role would require that they fully apply the respective institution’s rules and regulations against money laundering and terrorist financing in the region,” a statement from the agency said this on Thursday.

Combat the vice

During a two-day seminar to take place this weekend, organisers plan to fully educate the financial experts on the new tendencies in combating the vice.

Banks are the spring boards for agents of money laundering and terrorist financing who attempt to use the financial institutions to facilitate the transfer of illicit revenues, the statement said.

Hence the fight against money laundering is a crucial part of international efforts to prevent and disrupt criminal activity of all types, GIABA insists.

GIABA is an ECOWAS agency set up nearly a decade ago to ensure the adoption of standards against money laundering and the financing of terrorism in West Africa.

The institution cooperates with the international community including the UN, World Bank, IMF, regional organisations and development banks.