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14.05.2013 General News

GHANA COMMITTED TO FIGHTING MONEY LAUNDERING

Prez. Mahama declares
GHANA COMMITTED TO FIGHTING MONEY LAUNDERING
14.05.2013 LISTEN

The 12th Ministerial Meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has taken place at the La Palm Royal Beach Hotel in Accra.

Opening the Meeting, President John Dramani Mahama commended GIABA for chosen Ghana as the venue for the meeting and pledged Ghana's continuous commitment in the fight against money laundering and terrorist financing.

President Mahama described Money Laundering and Terrorist Financing as major source of concerns for various Governments, political and opinion leaders and financial institutions globally.

The Ghanaian leader described the Meeting as very important as the negative impact of money laundering which has no respect for boundaries hence the need there for closer collaboration between member states.

Ghana he maintained is very much committed, determined and resilient to collaborate with all stakeholders in the fight aimed at crippling the money laundering canker not only in the West African sub-region but the world as a whole.

Ghana has made tremendous efforts in this direction with the passing into law of robust and resilient anti-money laundering legislations. He commended GIABA for their support to Ghana which did not only led to the successful passing of the anti-money laundering laws but led to the delisting of Ghana from the Financial Action Task Force [FATF] process review mechanism.

He urged West Africans to collaborate to ensure that criminals do not use their respective territories as fair grounds for money laundering transactions and terrorists financing.

On his part, former Nigerian Head of State, General Yakubu Gowon added his voice to the call for collaboration between member states as no nation can fight the canker alone.

He added that establishing networks, international cooperation building as well as working closely with key allies outside the sub-region are critical part of the frame work to address the problem.

The FATF Vice President, Mr. Vladmir Nachaev, asked participants to base their response on coordinated policies since nations globally face unique and evolving challenges in facing up to the threat of money laundering and terrorists financing which is very rife in West Africa.

The FATF's second in- command commended GIABA for jointly working with his outfit on the project of typologies of the Financing of Terrorism in West Africa. He is convinced the report will not provide a useful tool for GIABA member states only but for other countries around the world for understanding and adequately addressing terrorists financing threats.

Mr. Nachaev looks forward to an increased dialogue between GIABA and the FATF on ways that further strengthens the relationship between the FATF and its associate members.

In his welcome address, Dr. Abdulahi Shehu, GIABA Director General, thanked President Mahama for gracing the occasion which he added gives credence to Ghana's commitment to countering the menace.

Despite successes chalked by GIABA since its inception eight years ago, he enumerated certain challenges bedeviling the Group which are among other things inadequate political will by Governments of member states, inadequate resources and low membership capacity.

Other challenges bedeviling GIABA Dr. Abdulahi Shehu added includes inadequate inter-regional coordination and cooperation, lack of diligent coordination and investigation as well as corruption prevalence.

To address these challenges, he called for the formulation and implementation of robust actions through effective and strong regional commitment and support from member states.

Mohammed Saani Ibrahim
Mohammed Saani Ibrahim

Journalist/reporter at The Accra TimesPage: MohammedSaaniIbrahim

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