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Experts harp on need to curb money laundering

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money laundering

By Ebunoluwa Sessou

GIABA, an institution of the Economic Community of West African States, ECOWAS, has again harped on the need to curb money laundering saying, failure to address the menace will further disrupt the serenity of the society.

Speaking during the workshop organised by GIABA/ AML/CFT CSOs, Information Manager, GIABA, Timothy Melaye disclosed that issues relating to money laundering should not be swept under the carpet.

While addressing stakeholders in Lagos, on Anti-Money Laundering, AML, and Counter-Financing of Terrorism, CFT, in West Africa, he also charged media professionals on ethics and professionalism. Saying Journalists are essential in fighting money laundering in the world.

Also read: GIABA ECOWAS, AML/CFT/CSO task journalists, parents on money laundering

Also, the Facilitator: Mr Ayodeji.Adeosho who is also the Project Manager and Director, IT, AML/CFT CSO Forum ECOWAS Region and Nigeria, in his presentation highlighted that, focused should be shifted to social and economic factors responsible for the prevalence of money laundering and its predicate offences.

According to him, identifying predicate offences as crimes which bring about money laundering as well as the responsibilities and actions of CSOs in the fight against money laundering and financial terrorism, and the benefits of a country having good anti money laundering and Counter-Financing of Terrorism are also germane.

He added that, the position of GIABA as a regional financial task force responsible for managing ECOWAS member states financial integrity in the fight against money laundering should be appraised.

“There’s a call for action as a responsibility of all organizations and citizens to support the fight against money laundering and financial terrorism in their countries and in the world”, he said.

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