IPNEWS: The Minister of Justice and Attorney General of Liberia, Cllr. N. Oswald Tweh has stressed the need for collective actions against financial crimes, emphasizing the need for regional and international collaboration to combat money laundering, terrorist financing, and related offenses.
In his opening address at the ongoing Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit in Monrovia, Minister Tweh urged participants to collaborate and “forge a robust and unified front against financial crimes in Africa and the world at large.”
Minister Tweh highlighted the importance of regional and international cooperation in fighting money laundering, terrorist financing, and other financial crimes. He stressed that such cooperation is crucial for protecting the economies and societies of all nations involved.
“We cannot afford to work in isolation when it comes to combating financial crimes because these crimes know no borders and can easily cross from one country to another. It is only through a coordinated and unified approach that we can hope to effectively combat them and protect our economies and our people,” he stated.
The three-day event is being organized by the Financial Intelligence Agency of Liberia (FIA) and hosted by the Economic Community of West African States (ECOWAS).
The summit, running from July 22 to July 25, has brought together over 150 participants, including financial institution Chief Compliance Officers, heads of Financial Intelligence Units (FIUs), and other stakeholders from West Africa and Europe.
Under the theme “Emerging Risks and Changes to Financial Action Task Force Standards-Implications for the Private Sector,” the summit aims to address new threats and updates to Financial Action Task Force (FATF) standards and methodology.
Key topics of discussion include evolving FATF standards, AML/CFT compliance landscapes in West Africa, and strategies for enhancing regulatory mechanisms. The summit provides a platform for participants to exchange insights, develop compliance strategies, and explore challenges and opportunities within the AML/CFT framework.
In a brief remark delivered at the opening ceremonies on behalf of Central Bank of Liberia (CBL) Executive Governor J. Aloysius Tarlue, Jr., the Governor’s Senior Technical Advisor, Musah A. Kamara emphasized the importance of effective partnerships and information sharing to combat financial crimes effectively.
He emphasized the shared responsibility of nations in safeguarding financial systems and promoting regional security through coordinated actions.
Kamara stressed the necessity of building strong partnerships and networks to facilitate the exchange of intelligence and evidence.
He emphasized that by sharing information, coordinating investigations, and supporting each other in enforcement actions, countries can create a more hostile environment for criminals and make it harder for them to operate with impunity.
He urged participants to use the summit as a platform to exchange ideas and forge a common vision for a safer and more secure West Africa.
In his welcome address, FIA Officer-In-Charge Mohammed Nasser highlighted the government’s commitment to countering illicit financing and underscored the summit’s role in raising awareness among stakeholders.
He underscored the government’s commitment to fighting illicit financing and highlighted the summit’s role in raising awareness among critical stakeholders, particularly the private sector and FIUs, about emerging Money Laundering, Terrorist Financing, and Proliferation Financing (ML/TF/PF) risks.
Nasser emphasized that the summit aims to strengthen participants’ capacity to address evolving risks and align their compliance frameworks with the revised FATF standards and methodology.
He also highlighted the importance of sharing experiences and identifying challenges hindering effective AML/CFT implementation, to facilitate better compliance across the region.
The event seeks to bolster capacities in addressing evolving risks and aligning compliance frameworks with updated FATF standards.
The GIABA 2024 West Africa Compliance Summit serves as a platform for strategic collaboration and dialogue among diverse stakeholders. By fostering cooperation and enhancing AML/CFT measures, the summit aims to strengthen the region’s financial security and mitigate risks associated with money laundering and terrorist financing.
