By Sallieu S. Kanu
The Republic of Sierra Leone is hosting the 42nd Technical Commission and Plenary of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) from the 17th to 23rd November 2023 at the New Brookfields Hotel in Freetown.
According to David Borbor, the Director General of the Financial Intelligence Agency Sierra Leone, the gathering provides a valuable platform for participants to exchange best practices, foster collaboration, and reinforce the framework for anti-money laundering and counter-terrorism financing across West Africa. “Sierra Leone is honored to host such a vital event and anticipates meaningful discussions that will further strengthen regional cooperation in fighting financial crimes.
Top of the agenda items is the review and adoption of the 2nd Round of the Mutual Evaluation Report for the Democratic Republic of Sao Tome and Principe.
Sixteen countries from West Africa and over 200 delegates are participating in this GIABA Meeting.
Every year since 2000, GIABA is hosted by one member state to discuss best practices, foster collaboration and strengthen regional framework against money laundering and terrorist financing. Sierra Leone’s selection to host this year’s meeting is significant in terms of a commitment by the country to work in collaboration with other member states in minimising money laundering which invariably leads to a reduction in terrorist financing.
GIABA was formally established as a specialized institution of the Economic Community of West African States (ECOWAS) by the Authority of Heads of State and Government of ECOWAS in December 2000.
It is charged with the responsibility to strengthen its member States’ capacity to prevent and control money laundering and terrorist financing in the region. GIABA draws its membership from the fifteen (15) West African States. Two non-ECOWAS countries are members of GIABA, they are the Island of Comoros and Sao Tome and Principe.
The showpiece event allows Sierra Leone to market its progress over the years and efforts at fighting the financial malfeasance that had gripped the country especially in washing dirty money and pumping it into the formal system. It also allows Sierra Leone to learn from other countries and to copy or domesticate the practices of other countries.