Inter-Governmental Group of Action against Money Laundering in West Africa, (GIABA) has held it’s 4th Annual Public Awareness Lecture Series on Anti-Money Laundering and Combating the Financing of Terrorism in Abuja.
GIABA is a specialised institution of the Economic Community of West African States (ECOWAS) responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa
The Lecture series is usually held by GIABA as it’s continuous effort to create awareness on money laundering within the West African region.
The 2021 edition of the Public Lecture was declared opened by the Chairman, Independent Corrupt Practices and other Financial Crimes Commission, Professor Bolaji Owasanoye. In his keynote address, the ICPC Chairman elaborated on how Money Laundering and Terrorist Financing continues to undermine the development of the West African region despite several efforts being made by Countries.
Professor Owasanoye further stated that It has been agreed that money laundering and terrorist financing is a crime that has adversely affected the growth and development of the region, therefore there is need to involve and partner with the Academic Institutions to incorporate courses on Money Laundering and terrorist financing in the Curriculum of Universities to train more efficient young Anti-Money Laundering Ambassadors.
In his remark, Justice Kimelabalou Aba, Director General, GIABA, who was represented by the Director of Policy and Research, Muasu Owasu, stated that, “Money laundering and terrorist financing constitute major obstacles to human development and present significant obstacles to equal economic and social opportunities, especially for honest and hard-working people.
“In many other countries, these crimes have adversely impacted national security and development in Nigeria, including the erosion of hard-earned reputation for individuals, cooperate organizations, and even countries.
“While investors take calculated risks, they try to avoid investing in countries classified as high risks for money laundering and terrorist financing. The predicate crimes’ cumulative effects that lead to money laundering are the pauperisation of the poor and the enrichment of the crooks, systemic corruption, erosion of the rule of law and the integrity of the financial system, and the political silencing of those who demand what is right in society.”
He concluded that citizens should: “Take full ownership of the fight against economic and financial crimes, corruption, money laundering, and terrorist financing for our own sake, our families, our communities, our country, and our shared humanity. Silence is never a wise choice when you are drowning before hungry sharks.“
The Public Lecture also had in attendance the Chairman, Economic and Financial Crime Commission (EFCC), represented by Ayo Peter Owoniyi, the Vice- Chancellor of Nile University of Nigeria, Professor Osman Nuri Aras, amongst other dignitaries.
