Regional Legal Framework

Member States of GIABA have for some years now sought to harmonize their AML/CFT laws and various legislations in individual countries.

The eight French-speaking member States (Benin, Burkina Faso, Cote d’Ivoire, Republic of Guinea, Mali, Niger, Senegal and Togo) were able to develop, trough the West African Economic and Monetary Union (UEMOA in French), a regional legal framework based on Civil Law. This legal framework forms the basis of AML legislation in these countries. The Central Bank of West African States (BCEAO in French) has also made significant contribution towards AML/CFT in these countries through the issuance of directives aimed at better protecting banking and other financial institutions.

The five English-speaking countries (The Gambia, Ghana, Liberia, Nigeria and Sierra Leone) have also passed their AML Legislation based on the Common Law and other international instruments and conventions.

As for the two Portuguese-speaking member States (Cape Verde and Guinea Bissau), they have drawn inspiration from Portuguese Law to combat money laundering.

A lot still needs to be done to provide the Region with CFT Legislation that complies with acceptable international standards. AML Legislation also needs to be upgraded and strengthen in GIABA member States.

UEMOA, the Economic and Monetary Union of French-speaking West African States, has developed several guidelines and issued decisions to help protect the Region's financial sector against money laundering, proceeds of crime and terrorist financing. Guideline N°7/2002/CM/UEMOA of September 19, 2002 relative to anti-money laundering is one such example. Also, Guideline N°14/2002/CM/UEMOA of September 19, 2002 relative to assets freezing is also a good case in point. Guideline N°4/2007/CM/UEMOA of July 04, 2007 relative to counter-financing of terrorism is also another example. And Decision N°9/2008/CM/UEMOA of March 28, 2008 modifying Decision N°09/2007 of April 6, 2007 itself relative to the list of persons, entities, or organizations targeted by assets freezing and other financial resources, is another good example.