Monrovia, Liberia – Liberia Justice Minister and Attorney General, Cllr. N. Oswald Tweh, has informed the public that a robust regional and International Cooperation are key driver’s to combat money laundering, terrorist financing, and other financial crimes across west Africa.
He made the disclosure at the opening of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit in Monrovia.
According to Cllr. Tweh, all participants who are part of the ongoing forum should collaborate stronger and form a robust integrated front against financial crimes in west Africa and the world in order to address the current challenges.
He stressed that such cooperation is crucial for protecting the economies and societies of all nations who are part of the regional body of Inter-Government Action Group against Money Laundering in West Africa (GIABA).
Under the theme “Emerging Risks and Changes to Financial Action Task Force Standards-Implications for the Private Sector” at the Ellen Johnson Sirleaf Ministerial complex oldest Congo Town, the three-day conference is scheduled to take place from July 22 to July 25.
The summit also intends to discuss improvements to the standards and methods of the Financial Action Task Force (FATF) as well as new threats.This drew together more than 150 individuals, including chief compliance officers from financial institutions, leaders of financial intelligence units (FIUs), and other stakeholders from Europe and West Africa.
The summit provides a platform for participants to exchange insights, develop compliance strategies, and explore challenges and opportunities within the AML/CFT framework while seeking to bolster capacities in addressing evolving risks and aligning compliance frameworks with updated FATF standards.
Participants at the ongoing forum highlight various topics for discussion including evolving FATF standards, AML/CFT compliance landscapes in West Africa, and strategies for enhancing regulatory mechanisms.
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.
