Jul.10, 2010

Dakar, Senegal - The Inter-governmental Action Group against Money Laundering in West Africa (GIABA) is hosting a two-day regional meeting here on policies against money laundering and financing terrorism.

The meeting, which began Friday, is being attended by Directors General of financial institutions of member countries of the Economic Community of West Africa States (ECOWAS).

Declaring the meeting open, the Director General of GIABA, Abdullahi Shehu, said that the implementation of a robust policy against money laundering would streng then anti-fraud controls and promote financial integration.

To do otherwise would expose financial institutions to the risk of losing their good reputation and clients as well as their operating licence, Shehu said.

He urged financial institutions to strive to fulfill their obligations regarding the money-laundering laws.

Shehu said 11 countries had been evaluated according to the procedure of the Financial Action Task Force, noting that money laundering was a criminal offence in 15 GIABA member countries.

He urged member countries to take the necessary measures to rid the West African region of threats of money laundering and financing terrorism.