The rapidly evolving nature of the twin crimes of money laundering and terrorists financing (ML/TF), the methods used and the level of sophistication deployed by criminals who perpetrate them, calls for a comprehensive understanding of the risks these crimes pose to GIABA member States and the West African region. Understanding ML/TF risks is crucial to efficient utilization of scarce resources deployed to counter these crimes. A proper assessment of ML/TF risks and the nature and extent of those risks is, therefore, central to the fight against ML/TF.
In 2012, the GIABA Secretariat developed an overarching strategy for guiding all its research activities, including the conduct of typologies and other types of research. The Strategy document articulates the key principles guiding the institution’s research activities, the main types of research it will conduct and the broad objectives of such research.
The research strategy, which was adopted by Plenary in November 2012, provides that GIABA's research efforts would be built on the following three pillars/priorities: supporting compliance with AML/CFT standards; conduct of typologies studies and other research; and provision of technical assistance within regional integration framework.