Press Release

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is organizing a three-day Public-Private Sector Consultative Forum in Freetown, Sierra Leone, from November 25 to 27, 2024. The Forum will be held at the New Brookfields Hotel.

The Forum's primary objective is to facilitate an interactive policy dialogue around issues impacting the informal economy and cash transactions to enhance the implementation of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) in the region.

Several typology and mutual evaluation reports have underscored that the informal sector in the region is large and comprises about 60-70% of formal regional GDP. Therefore, the high-level informal economy and preponderance of cash transactions in the region pose a considerable challenge, as it could facilitate the infiltration of criminal proceeds into the real economy. Cash-based economies are considered a high risk of money laundering and terrorist financing because of a high dominance of cash transactions coupled with the narrowness of the region's financial sector, making it easier for the proceeds of crime to be integrated into the rest of the economy.

Thus, the Forum seeks to discuss policy options for tackling informality and dominant cash transactions in the region, sensitize participants on how to better understand the relationship between money laundering and terrorist financing (ML/TF) risks, cash transactions, informal economies, and financial exclusion; as well as the interactions between financial inclusion and AML/CFT measures; and share the successes and challenges of countries that have implemented financial inclusion policies.

The Forum will also sensitize participants on how to effectively manage (monitor and control) cross-border cash and bearer negotiable instruments (BNIs) movements; share experiences on how to effectively monitor, detect, and disrupt the flow of criminal proceeds within an informal and cash-based economic setting; and promote coordination and cooperation of public and private actors for effectively implementing financial inclusion- AML/CFT measures.

The Forum is targeted at senior officials responsible for implementing financial inclusion policies in regulatory/supervisory and other national authorities, law enforcement agencies, including the Customs Service, Financial Intelligence Unit, self-regulatory bodies/ professional associations of reporting entities, as well as representatives of the private sector. A total of 100 participants are expected to participate in the Forum.

The programme will be delivered by regional and international experts, including relevant officials of the GIABA Secretariat, through presentations, work groups, experience sharing, and case studies.

At the end of the Forum in Freetown, it is expected that the programme will promote the modernization and formalization of the informal sector in the region, enhance implementation of financial inclusion policy in GIABA member States, enhance management of cross border cash and bearer negotiable instruments (BNIs) movements, as well as the implementation of cashless policies in member States; improve the level of cooperation and coordination between public and private sectors in the implementation of AML/CFT measures; improved effectiveness in the implementation of financial inclusion - AML/CFT/PF measures in the region; increase the awareness and preparation of member States for the next round of GIABA evaluation; as well as improve the effectiveness in the implementation of AML/CFT measures in the region.