By Kumba Leigh
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) recently brought together 200 youths from various institutions and backgrounds to a forum aimed to empower the youth with crucial insights into Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
In his opening remarks, Mr. Tim Melaye, representing GIABA’s Director General, Edwin W. Harris Jr, emphasised the urgent need for awareness and education among the youth regarding money laundering and its severe implications for West Africa.
He highlighted that understanding the intricacies of money laundering is essential for the youth, as they play a vital role in shaping the future of the continent.
Mr. Melaye reiterated GIABA’s commitment to equipping participants with the necessary tools and knowledge to combat money laundering and terrorist financing effectively.
He encouraged the youth to actively engage in discussions and absorb the information shared during the forum, as their involvement is crucial in tackling these pressing issues. He revealed that GIABA has risen to the challenge through various high-impact capacity-building programmes, technical assistance to various institutions of member states, sustained partnership with the international community, and far-reaching advocacies and sensitization programmes to a wide range of stakeholders.
“Youths remain the most vibrant segment of the society that drives economic activity, innovation and development. Thus, it is important that there is a targeted sensitization programme for the youths. This is because, sometimes, youths become the unwitting perpetrators of the predicate offences of money laundering and terrorist financing. Yet, they are still, mostly, the victims of these crimes. Since 2009, GIABA has engaged the youths through the Open House Forum to facilitate their understanding of AML/CFT issues. We believe that it is important that youths have a direct interface and interaction with GIABA. This Open House is organized in such a way that you could interact directly with members of staff of the GIABA Secretariat and the Financial Intelligence Unit on aspects of money laundering, terrorist financing, proliferation financing and various predicate offences, as well as other issues that you might want to know about,” he added
Alagie Darboe, Director of Finance Intelligence Unit (FIU) The Gambia, said these illicit activities erode public trust in our financial institutions, divert resources away from meaningful economic and development activities and foster an environment where crime and corruption can thrive. When money laundering occurs, it does not only affect the immediate victims, but also affects entire communities, causing increased crime rate, instability, and underdevelopment. Combating these threats through robust AML/CFT, measures is crucial as such initiatives geared toward combating these menaces will help to protect our economies, uphold the rule of law, and ensure that our financial systems remain transparent and secure, He underscored
FIU’s Mr Darboe revealed that Gambia has undergone its second round mutual evaluation in 2021, which is a peer review assessment by GIABA Member States. The Mutual Evaluation Report (MER) shows that significant progress has been made in the fight against ML/TF since the first Mutual Evaluation in 2008. “Adding the report highlighted that The Gambia has moderate effectiveness in the confiscation of proceeds of crime, which is critical, as criminals primarily commit crime to profit from it. Thus, denying criminals from enjoying the proceeds of crime is pivotal in fighting and reducing crime rate. The Report also highlighted key areas where the country needs to improve upon as regards its AML/CFT regime,” he said
Alagie Jarju, Executive Director, National Youth Council, asserted that despite these significant threats, there is still hope for The Gambia in the fight against these grievous crimes, stressing significant hope on youths. “Youths represent over 60% of The Gambia’s population and they are uniquely positioned to lead this charge. Adding the gathering serves as a powerful reminder that the youths are the future policymakers, financial professionals, law enforcement officers, and leaders who will shape how the society addresses financial crime; stating that their energy, adaptability to technology, and innovative ideas are crucial in constructing a more secure and transparent financial system.
He reaffirmed that the government of The Gambia is fully committed to enhancing our efforts to combat money laundering and terrorist financing. Over the past decade, we have collaborated closely with GIABA and other international partners to ensure our laws, policies, and institutions are robust enough to tackle these threats. This commitment is reflected in the development of the new Anti-Money Laundering and Combating of Terrorist Financing Bill, which aligns our legal framework with the international standards set by the Financial Action Task Force (FATF), the global standard setter on anti-money laundering and combating of terrorist financing. GIABA’s mission is to encourage the pursuit of concerted action in the design and effective and efficient implementation of harmonized AML/CFT/PF systems in West Africa in accordance with international standards, and thereby enhance the security and stability of the economies of its member countries. Furthermore, ensure that West Africa region is peaceful and prosperous because of the contribution of the regional alliance against money laundering, terrorist financing and arms proliferation and GIABA’s efficient leadership.
GIABA’s mission is to encourage the pursuit of concerted action in the design and effective and efficient implementation of harmonized AML/CFT/PF systems in West Africa in accordance with international standards, and thereby enhance the security and stability of the economies of its member countries.
