As the world is challenged in a number of ways by technological means and human mischievous ways in order to survive on one another, especially by the act of money laundering and financing of terrorism, the Inter-Governmental Action Group Against Money Laundering In West Africa (GIABA) has hosted it 7th circle of strengthening and educating members to combat the uncalled act.
Money laundering is an illegal activity that makes large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, to appear like they come from a legitimate source.
GIABA was founded by the Economic Community of West African States (ECOWAS) in 2000 to help support the strengthening of financial intelligence across the region.
The 7th edition, which was coined, “Inter-University Speech Contest On The Impacts Of Anti-Money Laundering and Combating the Financing of Terrorism on West African Economies”, brought together university students from the five English-speaking countries: Liberia, Ghana, Nigeria, Sierra Leone and Gambia, who debated the danger of money laundering the world over.
Earlier, GIABA Principal Officer for Communication and Advocacy, Timothy Melaye, who proxy GIABA Director General, Edwin W. Harris, said money laundering has stalled West Africa’s economies, promoted crimes and limited job facilities for citizens of member states of ECOWAS. He added that the organization will keep strengthening and training member states to combat money laundering and financing terrorism.
He continued that the success of the money laundering battle is holistic, calling for all hands on deck to tackle the menace in West Africa, Africa, and the world.
He publicized that GIABA Director General did not attend the event because he is attending an ECOWAS session.
In the same manner, Amos Yollah Boakai, Deputy Director, Financial Intelligence Agency of Liberia, and African Methodist Episcopal University’s Dean of Student, S. Yarba Brown, welcomed GIABA’s agenda to combat money laundering through collaboration. They added in separate tones that GIABA will educate the students, especially the youthful population, to be agents of anti-money laundering and financing terrorist in Liberia, West Africa, Africa and the world at large.
Each of the candidates from the five English speaking countries spoke for fifteen minutes each during the debate. They revealed the negative impact money laundering has on the economies of West Africa and the world at large.
Gambia won the debate, followed by Ghana taking second place, and Liberia taking third place.
