GIABA What for? |

GIABA What for?

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) was established by the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in the year 2000. This is one of the major responses and contributions of the ECOWAS to the fight against money laundering. GIABA is a specialized institution of ECOWAS that is responsible for the prevention and control of money laundering and terrorist financing in the region.

The Mandate of GIABA includes:

  1. Development of Strategies to protect the economies of Member States from abuse and the laundering of the proceeds of crime;
  2. Improvement of measures and intensifying efforts to combat the laundering of proceeds of crime in West Africa;
  3. Strengthening co-operation amongst its members.

The establishment of GIABA as an FATF-Style Regional body (FSRB) is a demonstration of the strong political commitment of Member States to combat money laundering and terrorism financing and to cooperate with other concerned nations and international organisations to achieve this goal. Within its regional strategic framework (the GIABA Plan of Action), GIABA has the capacity to support its 15 Member States, to effectively combat these menaces in the region.

As menaces of money laundering and terrorism financing increase with globalization, criminals are also becoming adaptable, taking advantage of the slightest opportunity to break the law. The gap between the rich and poor seems to contradict conventional wisdom that income disparity would close as the world economy becomes more integrated. This is the more reason why we must protect our and attract direct foreign investment in our region. The goal of GIABA is to prevent and contain these scourges in the West Africa. In this connection, GIABA is a leader, not only working to ameliorate these menaces, but also in promoting a regional alliance to achieve this gaol. GIABA’s strategic niche therefore is to enhance the capacity of regulatory, law enforcement and judicial authorities in Member States to prepare them for this battle.
© 2008 GIABA