Combating Money Laundering: GIABA-ECOWAS To Engage CSOs In Ghana Next Week

GIABA-ECOWAS is set to hold a two-day sensitisation workshop meant to educate, raise massive awareness and further enlighten Civil Society Organizations (CSOs) about the significant dangers of Money Laundering and Terrorist Financing.

Scheduled for 4th to 6th June, at the Fiesta Royale Hotel next week, the workshop will bring together representatives from various CSOs across Ghana to discuss and deliberate on the pressing issues related to financial crimes.

The event underscores the commitment of GIABA and ECOWAS to strengthen the capacity of CSOs in combating these illicit activities, which pose a severe threat to the stability and security of the region.

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), is a specialized institution of the Economic Community of West African States (ECOWAS) as well as Financial Action Task Force –Styled Regional Body (FSRB) responsible for combating the scourge of Money Laundering (ML) and Terrorist Financing (TF) in West Africa.

GIABA was established by the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) in the year 2000 with the mandate to protect the national economies and the financial systems of member States from abuse and the laundering of the proceeds of crimes.

Towards raising awareness against the deleterious effects of Money Laundering and Terrorist Financing (ML/TF) in the region, GIABA mostly collaborate and partner with the media as a massive construction arm in this context.

The primary objective of the workshop is to enhance the understanding of CSOs regarding the mechanisms and impact of Money Laundering and Terrorist Financing. Participants will be equipped with the necessary knowledge to identify, report, and prevent such activities within their spheres of influence.

By engaging CSOs, GIABA-ECOWAS aims to foster a collaborative environment where civil society can play a pivotal role in the fight against financial crimes.

The workshop will feature a series of presentations and interactive sessions led by experts in financial crime prevention.

The upcoming sensitisation workshop in Accra represents a significant step forward in the regional efforts to combat Money Laundering and Terrorist Financing.

GIABA-ECOWAS’s engagement with CSOs is a testament to the critical role that civil society plays in this fight.

As Ghana prepares to host this important event, it stands as a beacon of the collective resolve within West Africa to build safer, more secure societies free from the scourge of financial crimes.

Issues to be deliberated on include:

• The legal and institutional framework for combating Money Laundering and Terrorist Financing.
• Strategies for effective monitoring and reporting of suspicious financial activities.
• The role of CSOs in enhancing community awareness and resilience against financial crimes.
• Case studies and best practices from other regions and organizations.

Money Laundering and Terrorist Financing are not just financial crimes; they have far-reaching implications that can destabilize economies, fuel corruption, and finance activities that threaten national and regional security.

In West Africa, these issues are particularly acute due to the region’s economic vulnerabilities and the presence of terrorist groups.

By empowering CSOs with knowledge and tools, GIABA-ECOWAS aims to create a robust network of informed and proactive stakeholders capable of contributing to the overall security and stability of West African nations.

The expected outcomes of the workshop include:

• Improved capacity of CSOs to recognize and combat financial crimes.
• Enhanced collaboration between CSOs, government agencies, and international bodies in tackling Money Laundering and Terrorist Financing.
• Increased public awareness and community engagement in preventing and reporting suspicious activities.

Author: GIABA Journalists Network, Ghana Chapter