Dakar Consultative Forum Organized to Strengthen Cooperation and Coordination in AML/CFT

The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) organized a Public-Private Sector Consultative Forum in Saly, Republic of Senegal, on 26^th November 2022. Placed under the theme Cooperation and coordination in the implementation of AML/CFT measures in Member States, this meeting strengthened public-private partnerships (PPP) in the implementation of AML/CFT measures in West Africa. Specifically, it provided an opportunity for participants to share experiences on PPP in the implementation of AML/CFT measures in the region; to discuss the benefits that this partnership can generate in terms of effectiveness; the challenges encountered in the cooperation between the public and private sectors; to propose solutions for sharing responsibilities in the effective implementation of AML/CFT measures and; to boost support for the development of PPP in Member States to effectively combat ML/TF and related predicate offences.

For Mrs. Ramatoulaye GADIO AGNE, President of the Senegal Financial Intelligence Unit (CENTIF), the legal arsenal of the Member States lays the foundations of the PPP through national cooperation and coordination, as it brings together public and private actors with a view to ensuring the effectiveness of national AML/CFT systems. “This is why information sharing is essential, in order to protect the integrity of the financial system. It provides financial institutions, Designated Non-Financial Businesses and Professions (DNFBPs) and the relevant competent authorities with all the information, analyses and data necessary to prevent and combat money laundering and terrorism financing”, the GIABA national correspondent in Senegal underscored.

According to Mr. Edwin HARRIS Jr., Director General of GIABA, the outcomes of the Second Round of Mutual Evaluations (MEs) of the countries assessed so far reveal that cooperation and coordination at the operational and political levels are weak in most member States. Although there are some positive examples of formal public-private cooperation in AML/CFT in some Member States, significant concerns are still being raised about their effectiveness. The Secretariat of the Community Institution therefore brought together the strategic actors of the sector around this Forum to discuss the benefits of the partnership and proffer solutions to facilitate shared responsibility in the effective implementation of AML/CFT measures in West Africa. Mr. Edwin HARRIS Jr. also recalled in his introductory remarks, the potential benefits of this PPP, namely: to promote understanding of the risks, facilitate the investigation and prosecution of ML/TF cases, improve the recovery of the proceeds of crime, thereby contributing to an effective AML/CFT system. He seized this forum to reiterate his Institution's commitment to endorsing and supporting any initiative from Member States designed to develop or strengthen PPPs in the implementation of AML/CFT. “We are aware that there is certainly no one-size-fits-all approach to PPPs. However, we believe that strong public-private cooperation plays a crucial role in strengthening the implementation of the AML/CFT system. We are committed to organizing this meeting on an annual basis to provide an opportunity for us to share our viewpoints on issues of common interest likely to strengthen PPPs and enhance the implementation of AML/CFT systems,” he stated.

The Opening Ceremony of the Forum was presided over by Mr. Adrien DIOUF, Director General of the Financial Stability and Economic Financing Department at the Central Bank of West African States (BCEAO). According to him, “it is apparently imperative to develop and strengthen cooperation among the various actors with a view to creating synergy in the implementation of actions”. Appreciating GIABA's approach and aware of the high expectations vis-à-vis the regulatory and supervisory authorities, the representative of the Governor of the BCEAO also reaffirmed the commitment of his institution to supporting the Member States concerned in the implementation of their Action Plan developed to resolve the outstanding deficiencies and improve the technical compliance and effectiveness of each national AML/CFT regime.

In retrospect, this Consultative Forum was established by GIABA in November 2018 within the framework of its commitments to strengthening PPP in the implementation of the AML/CFT system. It was attended by seventy (70) officials from the public and private sectors, as well as representatives of development partners.

GIABA SECRETARIAT