The Director General of the Financial Intelligence Agency Mr. David Borbor has disclosed at the weekly government press conference on Tuesday, November 12, that Sierra Leone will host the 42nd Technical Commission and Plenary, and the 29th Ministerial Committee meeting of the Inter-governmental Action Group against Money Laundering in West Africa (GIABA). The auspicious gathering will be hosted at the New Brookfields Hotel in Freetown from the 17th to 23rd of November 2023 and will be attended by over 150 delegates from 17 countries.
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, if not eliminate the menaces.
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 the country to learn from other countries and to copy or domesticate best practices.