GIABA Ends 7th Inter- Universities Speech Contest -Wants Universities Incorporate Money Laundering in Curriculum

By H Matthew Turry

MONROVIA – The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has ended its 7^th Regional Inter-Universities Speech contest on the impact of money laundering and terrorist financing on West Africa economies in Monrovia.

The program which was held Tuesday, December 3, 2024 at the African Methodist Episcopal University (AMEU), brought together five West African Countries students contestants from The Gambia, Liberia, Ghana, Sierra-Leone and Nigeria. The contest focused on the impact of anti-money Laundering and combating the financing of terrorism (AML/CFT) on West African Economies.

Speaking at the ceremony, GIABA’s Director General Edwin W. Harris who was represented by Timothy Melaye, Head of Communications of GIABA said, “Money Laundering and Terrorist Financing (ML/TF) constitute major obstacles to our development.

According to him, “These crimes have had adverse impact on regional security and development, including erosion of reputation to the image of member States, loss of foreign direct investment, poor infrastructural development, dwindling confidence, and distortions in our political as well as financial systems.

Timothy Melaye noted by saying, “In response to the devastating effects of these crimes, the authorities of the Economic Community of West Africa (ECOWAS) established the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in the year 2000 as a clear demonstration of their political will to address these challenges within the region and to support the global fight against these vices.

He told the gathering that member states have made significant progress and are at various levels in the implementation of their AML/CFT regimes, adding, this improvement in the AMUCFT regimes of member States has contributed to good governance, enhanced development and security in several member States.

He stressed that, in spite of the success recorded by GIABA, more needs to be done.

He noted that the implementation of AML/CFT standards especially within the West African sub-region poses unique challenges and thus, requires collective, concerted, coordinated and collaborative efforts at all levels.

GIABA’s head of Communications Melaye furthered that the dynamic nature of the criminal world and the continuing menace of money laundering and terrorist financing make it imperative for all stakeholders in member States, including the academia, to deepen collaboration with GIABA to effectively address threats arising from these crimes.

“It is imperative to mention that the fight against ML/TF is a chain, one of which our educational system is a critical part,” he said, adding, educational institutions are often considered logical places for the early intervention of a variety of social ills, because, as the foremost socializing institution in society after the family, it is also the grounds where future leaders are largely formed.

“Thus the ivory towers of academia have parts to play in addressing the menace of money laundering and terrorist financing. In addition, to stimulating discussions and conducting research on current and emerging AMLCFT issues, we urge our university authorities to continue to demonstrate strong commitment to promoting courses in anti-money laundering and combating the financing of terrorism, including considering incorporating AML/CFT in their curricular,” Melaye stressed.

He said the first edition of the 7^th Regional Inter-Universities Speech contest on the impact of money laundering and terrorist financing on West Africa economies was held in Accra, Ghana in 2013, and subsequent editions have been held in Abidjan, Côte D’Ivoire in 2017; Enugu, Nigeria in 2019; and Bissau, Guinea Bissau in 2021, Banjul, The Gambia and Cotonuo, Benin in 2023.

“It is my expectation that the exchange of thoughts and ideas during this programme will broaden our understanding of the adverse effects of money laundering and terrorist financing on the society, especially with regard to economic development, prosperity, human security, rule of law, political stability, democracy, and well-being of citizens,”.

According to him, The Inter-Universities Speech Contest specifically targets deepening the knowledge base of students at the tertiary level in the area of AML/CFT within the region.

“I urge each and every one of you through your commitment and motivation to take ownership of the fight against the scourges of Money Laundering and Terrorist Financing”, he said.

He emphasized that the impact of the efforts by GIABA at the regional level will remain infinitesimal without corresponding strong commitments at national and institutional levels.

“We need the support of national authorities, relevant institutions and the general public in our member States in the delivery of our mandate to ensure the prevention of criminals from undermining the credibility of our financial systems and the economies as a whole”, The GIABA Communication head told the gathering.

For his part, the Deputy Director General of the Financial Intelligence Agency of Liberia, Amos Y. Boakai, underscored the importance of GIABA to the region.

He said the FIA was proud to form a part of such a platform in a drive to battle the menace from the region. According to him, working together on corrective measures to mitigate the challenges is key for the sector.

Mr. Boakai was also quick to add that some people benefit from these crimes at the detriment of the poor masses, however, his institution remains resolved and will not give up because it is part of the Government’s ARREST AGENDA.

Among other things, the primary mandate of GIABA is to develop measures to protect the economies of member States from abuse and the laundering of the proceeds of crimes and to strengthen cooperation amongst its member States.   In addition, GIABA is a Financial Action Task Force (FATF) – Styled Regional Body (FSRB), with responsibility to assess member States’ compliance with acceptable international AML/CFT standards.

Since its establishment, he said GIABA has taken practical steps to promote the implementation of AML/CFT measures amongst its member States, including supporting the enactment and/or strengthening of AML/CFT legal and regulatory framework; development of National AML/CFT Strategies, national coordination through initiating the establishment of AML/CFT Inter-Ministerial committees; establishment and strengthening of Financial Intelligence Units (FIUs); and capacity enhancement of competent authorities and other critical agencies involved in the implementation of AML/CFT laws and policies, through training, mentorship and provision of equipment.

Meanwhile, the 7th edition of the contest in Liberia ended with the Gambian student as the first winner, walking away with one thousand United States Dollars, a laptop, clock and certificate while the Ghanaian student finished second and also walked away with seven hundred and fifty United States Dollars, a laptop, clock and certificate and a Liberian student ended as the third winner thus taking home five hundred United States Dollars, a clock, laptop and certificate respectively.

Expressing his gratitude, the winner of the contest, Ebou Cham of the University of Gambia said, “I have been very challenging, because it comes with lots of sacrifices, lots of research, and lots of study to reach this journey.

“Since I was nominated by the University of Gambia, I never relaxed, I did extensive research,” he added, while proffering thanks and appreciation to the GIABA institution for this initiative to bring young minds together to express their thoughts.