MONROVIA — Liberia’s Justice Minister and Attorney General, Cllr. N. Oswald Tweh, states that robust regional and international cooperation is essential for combating money laundering, terrorist financing, and other financial crimes across West Africa.
He made this disclosure at the opening of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit in Monrovia.
According to Cllr. Tweh, all participants of the ongoing forum should collaborate more strongly and form a robust integrated front against financial crimes in West Africa and globally to address the current challenges.
He stressed that such cooperation is crucial for protecting the economies and societies of all nations within the regional body of GIABA.
The three-day summit, running from July 22 to July 25 under the theme “Emerging Risks and Changes to Financial Action Task Force Standards – Implications for the Private Sector,” is being held at the Ellen Johnson Sirleaf Ministerial Complex in Oldest Congo Town.
The summit also aims to address new threats and updates to Financial Action Task Force (FATF) standards and methodologies. It has brought together over 150 participants, including Chief Compliance Officers of financial institutions, heads of Financial Intelligence Units (FIUs), and other stakeholders from West Africa and Europe.
The summit provides a platform for participants to exchange insights, develop compliance strategies, and explore challenges and opportunities within the AML/CFT framework. It seeks to bolster capacities in addressing evolving risks and aligning compliance frameworks with updated FATF standards.
Participants at the ongoing forum are discussing various topics, including evolving FATF standards, AML/CFT compliance landscapes in West Africa, and strategies for enhancing regulatory mechanisms.
The GIABA 2024 West Africa Compliance Summit serves as a platform for strategic collaboration and dialogue among diverse stakeholders. By fostering cooperation and enhancing AML/CFT measures, the summit aims to strengthen the region’s financial security and mitigate risks associated with money laundering and terrorist financing.
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