GIABA, FATF ORGANISE JOINT ASSESSORS TRAINING ON MUTUAL EVALUATION EXERCISES

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), in collaboration with the Financial Action Task Force (FATF), with the support of Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), is organizing a 5–day Joint Assessors Training on Mutual Evaluation Exercises for ECOWAS Anglophone Speaking Countries from May 5^th – 9^th, 2025, at Kempinski Hotel Gold Coast City, Accra, Ghana.

The objective of the training is to build the capacity of the relevant officials to enable them to conduct mutual evaluations in accordance with the FATF Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, using the revised FATF Methodology for assessing technical compliance and the Effectiveness of AML/CFT systems.

 

A key aspect of GIABA’s mandate is to conduct mutual evaluation exercises of its member States to assess their compliance with the Standards set by the Financial Action Task Force (FATF Recommendations) against money laundering, the financing of terrorism, and proliferation of weapons of mass destruction (AML/CFT/CPF)(FATF Standards) and effectiveness of their AML/CFT/CPF systems.

The mutual evaluation process identifies the progress and constraints of assessed countries in implementing the FATF standards. The exercise is important to the assessed country as it provides information to the international community about its legal, financial and governance and facilitates the inflow of foreign direct investment. It also enables assessment bodies and technical partners to determine the type of assistance required by assessed countries to improve their AML/CFT/CPF systems.

The FATF has revised its standards to address new and emerging threats, clarify and strengthen many existing obligations, and maintain stability and rigour in the Recommendations. The FATF has also amended its assessment Methodology and commenced its 5th round of evaluations under this Methodology. FATF-Style Regional Bodies (FSRBs), including GIABA, are expected to progressively use the revised Standards and new Methodology for their next rounds of evaluations.

 

Towards ensuring a consistent high standard of training across the Global Network to enhance the quality of potential mutual evaluation assessors for the new rounds of mutual evaluations for the Global Network (including GIABA’s third round), GIABA, in cooperation with the FATF (through its Training Institute) and the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), is organising a training for officials who will participate in mutual evaluations to be conducted by the FATF and FATF Style Regional Bodies (FSRBs) as assessors or reviewers.

The target participants of the training include officials from FATF and GIABA, as well as the Global Network, who possess first-hand AML/CFT/CPF expertise in the fields of legal, financial, and law enforcement, and nominated or potentially nominated as assessors or reviewers.

The themes for the Workshop will include, The Mutual Evaluation Process, Risk and Context, Assessing Technical Compliance & Effectiveness, Introduction to the Immediate Outcomes, Data and Statistics and Writing and Presenting Mutual Evaluation, including Key Findings, Key Recommended Actions (KRAs) and KRA Roadmap etc.

The workshop will be delivered by a team of experienced experts and practitioners from the

GIABA and FATF Secretariats, through presentations, experience sharing and a mock mutual evaluation exercise.

GIABA HOLDS ITS STATUTORY MEETINGS IN DAKAR

GIABA HOLDS ITS STATUTORY MEETINGS IN DAKAR

The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) will hold its statutory meetings from 11 May to 17 May 2025 in Dakar, Senegal.

The statutory meetings provide an opportunity for GIABA Member States to come together to discuss regional issues relating to the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT/FP), and to share their experiences of the achievements and challenges encountered in implementing the measures put in plac.  They are part and parcel of the efforts of the Community Institution to promote regional integration.

The ^43rd plenary meeting of the Technical Commission will be held in a hybrid format from 11 May to 16 May 2025 in Dakar, Senegal. Held twice a year, the purpose of this meeting is to encourage discussions between technical experts from the Member States (MS) on the threats and challenges related to the fight against money laundering and the financing of terrorism (AML/CFT) in the sub-region.

It also enables MS to address relevant issues requiring a concerted and harmonized approach to the effective implementation of AML/CFT measures.

Finally, as a platform for sharing experiences, the Plenary is also an opportunity to establish partnerships between experts, MS representatives, technical partners and observers in the field of AML/CFT.

In Dakar, discussions will focus on the follow-up reports on the second round of Member States mutual evaluations. The Evaluation and Compliance Group (ECG) will be discussing, among other things, the 2^nd enhanced follow-up Report of Côte d'Ivoire and Togo; the 4^th Enhanced Follow-up Report of Benin; the 6^th Enhanced Follow-up Report of Burkina Faso and the 7th Enhanced Follow-up report of Cabo Verde.

The purpose of the Mutual Evaluation and Follow-up Processes and Procedures is to assess the level of implementation of the Financial Action Task Force (FATF) recommendations by Member States. They also aim to provide support to Member States to remedy the shortcomings identified in their AML/CFT mechanisms in relation to compliance and effectiveness. 

Also on the agenda of the 43^rd GIABA Plenary are the meetings of the Risks, Trends and Method Groups (RTMG) and the Policy Review Group (GRP), which will ponder over typologies, research reports and updates on risk monitoring; the Financial Intelligence Unit (FIU) Forum behind closed doors, the meeting of the Heads of GIABA delegation, evaluation and compliance work, etc.

The opening ceremony of the 43^rd Plenary Meeting is scheduled for 15 May 2025 and will be chaired by the Minister of Economy and Finance of the Republic of Senegal or his representative.

The 30th Meeting of the GIABA Ministerial Committee (GMC) will be held on 17 May 2025, also in Dakar. The GMC is the institution's supreme political decision-making body, bringing together the ministers of economy and finance, justice and interior/security of each member state. In accordance with the by-laws of the GMC, the august body meets at least once a year to approve policy guidelines and examine issues relating to the smooth running of GIABA. In Dakar, the institution's line ministers will discuss and adopt, among other things, the Director General's mid-year Activity Report for the period November 2024 to May 2025, the report of the ^43rd meeting of the GIABA Technical/Plenary Commission, the memoranda on the adoption of the Calendar for the 3^rd Round of Mutual Evaluation, the membership application from Burkina Faso, Mali and Niger, to name but afew.

REQUEST FOR EXPRESSIONS OF INTEREST (INDIVIDUAL CONSULTANTS) : CAPACITY DEVELOPMENT PROJECT ON ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM IN WEST AFRICA TRANSITION STATES (CD4AML/CFT)

Consultants to conduct Regional Meeting of Chief Compliance Officers of Financial Institutions on emerging Money laundering and Terrorist Financing Issues

Sector: Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

Financing Agreement reference: P-Z1-KFO-072

Project ID No.: 5900155017401

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Programme: Regional Meeting of Chief Compliance Officers of Financial & Non-Financial Institutions on Emerging Money Laundering and Terrorist Financing Issues (West Africa Compliance Summit, 2025)

Number and Category of Experts: (01) International Consultant and (03) Regional Consultants

Date /Duration: July 21 - 24, 2025 (4 days workshop)

Venue: Praiamar Hotel, Praia, Cabo Verde

SELECTION OF SERVICE PROVIDER / NOTICE OF EXPRESSION OF INTEREST: Selection of an IT Assistant for the GIABA

                                         NOTICE OF EXPRESSION OF INTEREST

 

Agency	INTERGOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA (GIABA)
Method of selection :	Selection of Individual Consultant
Selection reference :	GIABA/BUDGET/2025/SCI/018
Subject:	Selection of an IT Assistant for the GIABA.
Compensation:	12 000 USD per year.
Date of Publication :	April 28, 2025
Deadline of Submission :	May 19, 2025

NOTICE OF EXPRESSION OF INTEREST: SELECTION OF AN ANGLOPHONE PROGRAM ASSISTANT FOR THE EGDC

Selection of service provider

 

NOTICE OF EXPRESSION OF INTEREST

 

Agency	ECOWAS Gender Development Center (EGDC)
Method of selection :	Selection of Individual Consultant
Selection reference :	EGDC/BUDGET/2025/SCI/06
Subject:	Selection of an Anglophone Program Assistant for the EGDC
Compensation :	12 000 USD per year.
Date of publication :	March 10, 2025
Deadline of Submission:	March 24, 2025

 

NOTICE OF EXPRESSION OF INTEREST: SELECTION OF A FRANCOPHONE PROGRAMME ASSISTANT

Selection of service provider 

NOTICE OF EXPRESSION OF INTEREST

 

Agency	ECOWAS Gender Development Centre (EGDC)
Selection Method :	Selection of individual Consultant
Selection Reference :	EGDC/BUDGET/2025/SCI/07
Subject :	Selection of a Francophone programme assistant
Remuneration :	12 000 USD per year.
Date of publication :	March, 10 2025
Deadline of Submission:	March, 24 2025

 

REQUEST FOR EXPRESSIONS OF INTEREST (INDIVIDUAL CONSULTANTS) : National Seminar on Economic and Financial Crimes for Prosecutors and Law Enforcement Officers

Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West Africa Transition States (CD4AML/CFT)

National Seminar on Economic and Financial Crimes for Prosecutors and Law Enforcement Officers

Sector: Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

Financing Agreement reference: P-Z1-KFO-072

Project ID No.: 5900155017401

The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has received financing from the African Development Bank towards the cost of the Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West Africa Transition States and intends to apply part of the agreed amount for this grant to payments under the contract for the recruitment of three (03) International Experts/Resource Persons to conduct National Seminar on Economic and Financial Crimes for Prosecutors and Law Enforcement Officers in Comoros, Guinea Bissau, Liberia and Burkina Faso.

REQUEST FOR EXPRESSIONS OF INTEREST (INDIVIDUAL CONSULTANTS) : Regional Seminar for Judges on Economic and Financial Crimes

Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West Africa Transition States (CD4AML/CFT)

Regional Seminar for Judges on Economic and Financial Crimes

 

Sector: Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

Financing Agreement reference: P-Z1-KFO-072

Project ID No : 5900155017401

The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has received financing from the African Development Bank towards the cost of the Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West African Transition States. It intends to apply part of the agreed amount for this grant to payments under the contract for the recruitment of three (03) consultants to conduct a National Seminar on Economic and Financial Crimes for Judges in Dakar, Senegal.

GIABA DATABASE OF EXPERTS -SUBMISSION OF CVs

February 18, 2025.

GIABA DATABASE OF EXPERTS -SUBMISSION OF CVs

In streamlining the GIABA procurement process for the engagement of resource persons, research, consultancy, mutual evaluation assessors, and other forms of engagement, kindly complete the form below : https://forms.office.com/r/tFG42Ud1vE  and attach your CV. Submit to consultants@giaba.org.

The deadline for submission is March 18, 2025.

 

GIABA'S 2025 PROCUREMENT PLAN

GIABA'S 2025 PROCUREMENT PLAN

RECRUITMENT OF AN AUDITING FIRM TO CONDUCT ANNUAL AUDITS OF THE CD4AML/CFT PROJECT

Sector: Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) 
Financing Agreement reference: P-Z1-KFO-072 
Project ID No.: 5900155017401

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has received financing from the African Development Bank towards the cost of the Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West African Transition States. It intends to apply part of the agreed amount for this grant to payments under the contract for the recruitment of an Independent Auditing Firm to conduct annual audits of the CD4AML/CFT Project. The periods to be audited under this contract are three (03) years, 2024, 2025 and 2026.

GIABA invites eligible Reputable Audit Consulting firms that are duly registered in the roll of a nationally or regionally recognized order of chartered accountants to apply to provide the services described above. Interested consultants must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc.).

Expressions of interest must be emailed to the address below by 20th February 2025 by 05:00 pm (GMT) with “Independent External Project Audit” in the email subject line. 

Attn: PROCUREMENT SERVICES 
Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 
SICAP Complex, Point E, 1st Floor, Building A 
Av. Cheikh Anta Diop x Canal IV, BP 32400 
Dakar, Senegal 
Tel: +221 33 859 18 18. 
Email: procurement@giaba.org

Selection of service provider / NOTICE OF EXPRESSION OF INTEREST

AMI reference	Subject	Submission deadline
CCDG/BUDGET/2025/SCI/03	Selection of an accounting assistant	24/02/2025
CCDG/BUDGET/2025/SCI/04	Selection of a procurement assistant	24/02/2025
CCDG/BUDGET/2025/SCI/05	Selection of an IT Assistant for the EGDC.	24/02/2025
CCDG/BUDGET/2025/SCI/06	Selection of an Anglophone Program Assistant for the EGDC	24/02/2025
CCDG/BUDGET/2025/SCI/07	Selection of a Francophone programme assistant	24/02/2025
CCDG/BUDGET/2025/SCI/08	Selection of a Monitoring and Evaluation Assistant	24/02/2025
CCDG/BUDGET/2025/SCI/09	Selection of Front Desk Assistant	24/02/2025
CCDG/BUDGET/2025/SCI/010	Selection of Human Resources Assistant	24/02/2025
CCDG/BUDGET/2025/SCI/011	Selection of an Administrative Assistant	24/02/2025

EXPRESSION OF INTEREST: SELECTION OF INDIVIDUAL CONSULTANT ON REVAMPING THE DIGITAL ECOSYSTEM OF THE ECOWAS GENDER DEVELOPMENT CENTER

The ECOWAS Gender Development Centre (EGDC) intends to recruit an Individual Consultant who will be responsible for the design, development, deployment and operationalisation of the digital ecosystem of the Centre.
Interested candidates must their applications not later than February 24, 2025 at 5.00pm GMT, by submitting physical copies or by email to the following addresses:

Procurement Department,
Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) SICAP Complex, Point E, 1st Floor, Building A; Av. Cheikh Anta Diop x Canal IV, BP 32400 Dakar, Senegal. Tel: +221 33 859 18 18. (In a sealed envelope marked "[SC012] Selection of an Individual Consultant for the design, development, deployment and operationalisation of the digital ecosystem of the ECOWAS Gender Development Centre.").
or
Email: procurement@giaba.org Subject: "[SC012] Selection of an Individual Consultant, EGDC's Digital Ecosystem".

Interested consultants can obtain additional information at the address mentioned above, during office hours, Monday to Friday, 9.00am to 5.00pm.

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTANCY FIRM)

Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West Africa Transition States (CD4AML/CFT)

 

Recruitment of a Firm to Provide Interpretation and Translation Services for Various AML/CFT Related Activities

 

Sector: Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT)

 

Financing Agreement reference: P-Z1-KFO-072

 

Project ID No.: 5900155017401

 

Interested consultants may obtain further information and terms of references at the address below during office hours from 09.00am to 17.00pm (GMT).

Expressions of interest must be emailed to the address below by 10th February 2025 at 17.00 pm (GMT) with “Proposal for Interpreters & Translators” in the email subject line.

 

Attn: PROCUREMENT SERVICES

Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) SICAP Complex, Point E, 1st Floor, Building A

Av. Cheikh Anta Diop x Canal IV, BP 32400 Dakar, Senegal

Tel: +221 33 859 18 18.

Email: procurement@giaba.org

INTERNAL AND EXTERNAL VACANCY ADVERTISEMENT N°01/01/2025/sg

VACANCY NOTICE N°01/01/2025/sg :

GIABA is seeking candidates for the position listed in the table below.

The deadline for applying is FRIDAY 7^th MARCH 2025, by midnight.

N°	Position/Poste/ Cargo	Grade/Grau	Directorate /Direction/ Direção	Email address / Courier Eletronique /Correio Eletrónico	Closing date/ Date limite/ Prazo	Duty station/Lieu d’affectation / Local de colocação
1	SENIOR LAW ENFORCEMENT OFFICER/ CHARGE (E ) DE LA RÉPRESSION CRIMINELLE SENIOR / OFICIAL SUPERIOR DE APLICAÇÃO DA LEI	P3/P4	DIRECTORATE EVALUATION & COMPLIANCE/ DIRECTION EVALUTION & COMPLIANCE / DIREÇÃO AVALIAÇÃO E CONFORMIDAD	g1176sleo@giaba.org	07/03/2025	Dakar - Senegal

Applications that must include (All are Mandatory) :

1.     the Application form (JOB APPLICATION FORM)

2.     Curriculum Vitae (CV).

3.     A cover letter.

·       All should be sent by email to the relevant email address against each position before the deadline.

·       The application will not be considered if one of the Mandatory documents is not attached.

 

Forum of National AML/CFT Inter-ministerial/Coordinating Committees (IMC-NC) : Strategic review workshop on the performance of GIABA Member States in the second round of AML/CFT/P mutual evaluations

The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) is organising the Forum of National Inter-ministerial AML/CFT Coordination Committees (FCI-CN) from 02 to 04 December 2024 in Saly, Senegal. This meeting, a strategic review of the performance of GIABA Member States under the second round of mutual evaluations in the fight against money laundering, terrorist financing and proliferation (AML/CFT/P), is to be held  in the framework of the  preparations for the third round of the institution's mutual evaluations.  

The main objectives are to: to carry out an in-depth analysis of Member States' performance during the 2nd round of mutual evaluations; to obtain key information on how the FATF standards are being implemented; to identify strengths as well as areas for improvement and discuss strategies to address identified deficiencies; to understand the technical changes and processes and procedures adopted for the third round of mutual evaluations in order to adequately prepare domestic authorities to adapt to the required changes; to enhance cooperation, collaboration and coordination between inter-ministerial committees; and finally to foster collaboration and knowledge sharing between GIABA Member States. 

The participants are representatives of the Member States in charge of the implementation and management of AML/CFT issues at national level, in particular the active members and Chairs of the Inter-ministerial Committees/National Committees (IMC/NC). They are endowed with live experiences of organising and managing the mutual evaluation process in their respective countries.  

These representatives will report on their country's efforts to address the shortcomings identified in their mutual evaluation reports, highlighting achievements, challenges and areas requiring particular attention. At the end of the meeting, it is expected that there will be a comprehensive review and assessment of the performance of GIABA Member States in the second round of Mutual Evaluations; a comprehensive catalogue of the main challenges encountered in the second round of Mutual Evaluations and a consensus on the main areas of focus for the third round of Mutual Evaluations.

A clear understanding of the requirements of the third round of peer reviews and how countries should adapt to the changes required; tangible strategies and action plans to address the gaps and challenges identified; enhance cooperation and collaboration between stakeholders in GIABA Member States.

As a reminder, the second round of GIABA mutual evaluations began in 2016 with the evaluation of Ghana and will end after the adoption of the Sao Tome and Principe mutual evaluation report by the GIABA Plenary in November 2024.  

GIABA TO ORGANISE 3RD PUBLIC-PRIVATE CONSULTATIVE FORUM ON AML/CFT IN FREETOWN

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.

SIERRA LEONE TO HOST THE GIABA STATUTORY MEETINGS

The Inter-Government Action Group against Money Laundering in West Africa (GIABA), in collaboration with the Government of Sierra Leone, will hold its Statutory Meeting (GIABA 42nd Technical Commission /Plenary and 29th Ministerial Committee Meeting) from the 17th-23rd November 2024 in the capital city of Freetown, the Republic of Sierra Leone.

The Statutory Meeting offers an opportunity for GIABA member States to come together to discuss regional AML/CFT/PF matters and share their experiences concerning challenges faced in implementing effective AML/CFT measures. Statutory meetings are an integral part of GIABA’s efforts at fostering regional integration in the ECOWAS region. 

The Plenary Meeting is an assembly of experts, including representatives of member States, regional and international technical and financial partners, and observers in the fight against money laundering and terrorist financing. A key feature during the meetings will be the consideration and adoption of the 2nd Round of Mutual Evaluation Report of the Democratic Republic of Sao Tome and Principe; the Report is the last mutual evaluation report under the GIABA 2nd Round of Mutual Evaluation. Other reports to be considered are the Follow-Up Reports of Nigeria, Sierra Leone, and Senegal in addition to the Co-Chairs of the Evaluation and Compliance Group (ECG), Co-Chairs of the Risks, Trends and Monitoring Group (RTMG), Member States Technical Assistance 2025 Report and several memorandums to ensure continuity and effective implementation of the FATF Standards.

The Plenary Meeting shall be declared opened by the Minister of Finance of the Republic of Sierra Leone on Thursday, November 21, 2024 by 10:00 AM.

The GMC is the policy-making organ of GIABA. It comprises the three GIABA line ministers from all member States (Ministries of Finance, Security/Interior, and Justice). The Ministerial meeting will be held on Saturday, November 23, 2024 at 10:00 AM. The current Chairman of the 29th GIABA Ministerial Committee Meeting is the Minister of Justice and Attorney General of the Federal Republic of Nigeria, Hon. Lateef Fagbemi (SAN).
The meeting will, among other things, consider and adopt the Director General’s Summary Activity Report, the Report of the 42nd GIABA Technical Commission/Plenary, and other confidential memorandums. 

GIABA, as a specialised ECOWAS institution as well as FATF-Styled Regional Body (FSRB) holds twice a year its technical commission/ plenary meeting for representatives of member States to discuss several pertinent issues on AML/CFT/PF that require concerted and harmonised approach in addressing them. 

OUTCOME OF THE REGIONAL VALIDATION WORKSHOP ON THE STUDY OF MONEY LAUNDERING AND TERRORIST FINANCING RISKS ASSOCIATED WITH THE MISUSE OF LEGAL PERSONS AND LEGAL ARRANGEMENTS IN WEST AFRICA

OUTCOME OF THE REGIONAL VALIDATION WORKSHOP ON THE STUDY OF MONEY LAUNDERING AND TERRORIST FINANCING RISKS ASSOCIATED WITH THE MISUSE OF LEGAL PERSONS AND LEGAL ARRANGEMENTS IN WEST AFRICA

The regional validation workshop on money laundering (ML) and terrorist financing (TF) risks associated with the misuse of legal persons and legal arrangements, held from November 5 to 7, 2024, in Saly, Senegal, concluded with participants putting forward essential recommendations. These included strengthening legislative and regulatory frameworks, enhancing beneficial ownership (BO) registries, improving coordination and communication, implementing risk-based supervision, reinforcing verification and control mechanisms, addressing legal and structural gaps, and fostering public awareness and engagement.

Throughout the workshop, participants engaged in presentations, discussions, and knowledge-sharing that provided a comprehensive evaluation of the current AML/CFT compliance landscape. The sessions highlighted the risks and vulnerabilities posed by legal entities and drew on good practices from other jurisdictions. Challenges related to creating effective BO frameworks, strategies for improving coordination and cooperation, and areas needing further capacity-building were examined. Expert contributions enriched the discussions, shedding light on common challenges and unique experiences across member states.

This significant gathering brought together senior officials and experts from member states involved in the registration and regulation of legal entities, along with investigators and prosecutors handling ML/TF offenses related to legal persons and arrangements. According to Mr. Muazu Umaru, Director of Policy and Research at GIABA, who represented the Director General, the workshop met the critical need for enhanced BO transparency, which is a strong defense against the misuse of legal entities. The workshop validated key findings, facilitated the sharing of knowledge, and refined recommendations for crafting a regional approach to real ownership transparency.

Mr. Umaru stressed that accessible and reliable BO information is vital to support AML/CFT efforts and that decisive action must be taken to implement the recommendations from this workshop. He highlighted that the primary outcome of the discussions was the commitment to address gaps in BO transparency to safeguard the integrity of financial systems. “We remain determined to translate these recommendations into tangible actions. This includes strengthening our legislative and regulatory frameworks, enhancing the accuracy and efficiency of BO registries, promoting inter-agency coordination, and fostering international cooperation. We must also prioritize training and capacity-building initiatives to equip our institutions and stakeholders with the necessary tools to detect, prevent, and effectively manage ML/TF risks,” Mr. Umaru stated.

Looking ahead, GIABA will present the updated regional report at the November 2024 plenary session in Freetown for further action. Additionally, GIABA will engage with member states following the report's finalization and publication. Tailored capacity-building workshops will be conducted to meet the specific needs of member states. Countries are encouraged to complete their sectoral risk assessments and adopt best practices to ensure compliance.

The workshop in Saly aimed to review and validate the research findings, collect expert feedback to refine the study's accuracy and relevance, identify practical implications, and develop recommendations for policymakers, regulators, and law enforcement agencies. It also aimed to promote collaboration and knowledge-sharing to combat the misuse of legal persons and arrangements for ML/TF purposes, as well as to outline the next steps for finalizing the research report and creating an action plan for its implementation.

REGIONAL VALIDATION WORKSHOP OF THE STUDY ON MONEY LAUNDERING AND TERRORIST FINANCING RISKS ASSOCIATED WITH THE MISUSE OF LEGAL PERSONS AND LEGAL ARRANGEMENTS IN WEST AFRICA

REGIONAL VALIDATION WORKSHOP OF THE STUDY ON MONEY LAUNDERING AND TERRORIST FINANCING RISKS ASSOCIATED WITH THE MISUSE OF LEGAL PERSONS AND LEGAL ARRANGEMENTS IN WEST AFRICA

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will host a Regional Validation Workshop from November 5-7, 2024, in Saly, Senegal, to review and validate the study on the money laundering (ML) and terrorist financing (TF) risks associated with the misuse of legal persons and legal arrangements in West Africa.

This workshop aims to :

l  Review and validate the research findings.

l  Gather expert feedback to enhance the accuracy and relevance of the study.

l  Identify practical implications and develop recommendations for policymakers, regulators, and law enforcement agencies.

l  Promote collaboration and knowledge-sharing to combat the misuse of Legal Persons and Legal Arrangements for ML/TF purposes.

l  Agree the next steps for the finalization of the research report and outline an action plan for implementation.

The workshop will serve as a platform for participants to discuss the ML/TF threats and vulnerabilities linked to Legal Persons and Legal Arrangements, examine current legal and institutional frameworks, identify best practices, and improve understanding of beneficial ownership (BO) requirements to prevent and counter financial crimes and money laundering more effectively in GIABA member states.  Additionally, the event will cover issues related to risk assessments for ML/TF in the context of Legal Persons and Legal Arrangements, providing insights for future mutual evaluations of GIABA member states.

This initiative responds to the fact that GIABA member states currently have an estimated compliance rate of less than 15% at the conclusion of the second round of mutual evaluations, revealing limited effectiveness despite efforts to strengthen AML/CFT frameworks. To address these challenges, GIABA supports its member states in confronting the significant ML/TF risks they face. Transparency of Legal Persons and Legal Arrangements is a key indicator of the integrity of financial systems and corporate governance, highlighting vulnerabilities in national frameworks against the misuse of corporate entities for ML/TF purposes.

While legal persons and legal arrangements conduct a wide range of commercial activities, the risks associated with their misuse for ML/TF, combined with weaknesses identified in national risk assessments (NRAs) and mutual evaluation reports, underscore the need for a deeper understanding of the current situation in the region. Accordingly, the GIABA Plenary approved a typologies study in May 2023 focused on the ML/TF risks associated with the misuse of Legal Persons and Legal Arrangements.

The Saly workshop will bring together thirty-five (35) senior officials and experts from member states, particularly those involved in the registration and regulation of coporate entities, as well as investigators and prosecutors of ML/TF offenses related to Legal Persons and Legal Arrangements. Participants will explore ways to develop and implement risk-based approaches to mitigate the misuse of Legal Persons and Legal Arrangements for ML/TF. Expected outcomes include validation of country reports, agreement on key components of the regional report, concrete recommendations for policymakers, regulators, and law enforcement, enhanced collaboration among stakeholders, and the identification of areas requiring further work.

This workshop represents a crucial step toward bolstering transparency and strengthening AML/CFT frameworks in West Africa, reinforcing GIABA’s commitment to fostering secure and resilient financial systems across the region.