The Inter Governmental Action Group against Money Laundering in West Africa (GIABA) has warned that, if left unchecked, money laundering and terrorism will undermine the integrity of economic, political and judicial systems and the stability and prosperity of nation states.
Abdullahi Shehu, the Director General, GIABA, speaking during a workshop on AML/CFT for North and West African States, said that these
"Every passing moment makes the world smaller as a result of globalisation and technological advancement," he said. "The complex nature of money laundering and terrorist financing is a manifestation of modern day criminality, and the many ways in which they operate in practice make assessing the harm caused a daunting task.
Despite the absence of precise estimates, one could imagine that sizeable proceeds of crime enter economies of states one way or another. The influence and power of organised criminal groups therefore increases, while the control and integrity of the government and major public and private institutions are correspondingly diminished."
Shehu lamented that jihadist recruits are pouring into Mali from other countries within and outside the region; saying that this trend highlights the transnational nature of terrorism and its financing.
"The financing of terrorism is conducted in a clandestine manner, thus, there is a crucial need for intelligence collection and covert actions to disrupt this phenomena," he said. "If the capabilities to acquire financial and other forms of intelligence are low, then the likelihood of disrupting and dismantling terrorist financing is diminished. As such, there is a paramount and urgent need to strengthen the capacities of law enforcement agencies and security agencies in the region."
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