Press Release

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), a specialized Institution of ECOWAS, is hosting the 2024 West African Summit on new emerging risks and changes to FATF Standards/Methodology from 22 to 25 July 2024, in Monrovia, the Republic of Liberia.  

The summit is designed to raise awareness of the critical stakeholders, especially the private sector and Financial Intelligence Units on emerging ML/TF/PF risks and the considerable changes in FATF standards. Specifically, the summit is to strengthen the capacity of participants to proactively address emerging risks and take necessary steps to align their compliance frameworks/programmes to the revised Standards /Methodology and a platform for participants to share experiences, including identifying key challenges impeding effective implementation of AML/CFT preventive measures and best practices that will facilitate AML/CFT compliance in the region.

 Furthermore, the summit is to raise awareness of the private sector on GIABA’s preparation for the 3^rd round of evaluation in conformity with emerging risk and new changes to FATF standards.

A total of about 150 participants are expected to attend the programme comprising of Chief Compliance Officers of financial institutions and non-financial entities and heads of FIUs across the region.

At the end of the summit, it is expected that there will be improved effectiveness in the implementation of AML/CFT preventive measures in the region and increased the awareness and preparation of the private sector for the next round of GIABA evaluation.

The summit will enhance the integrity and stability of the financial sector in member States and enhanced networking and collaboration amongst private sector operators with attendant positive impacts on the implementation of AML/CFT preventive measures in the region.

The programme will be facilitated by regional experts and GIABA faculty through presentations, case studies and panel discussions.