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0 News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/regional-forum-in-accra-focuses-on-combating-money-laundering-and-financial-crimes-in-west-africa/
In a collaborative effort to tackle money laundering (ML) and financial crimes, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the ECOWAS Gender Development Centre (EGDC) have organized a three-day regional forum in Accra, running from December 17 to 19, 2024, at the Alesa Hotel.
The primary aim of the forum is to facilitate an interactive policy dialogue on issues affecting the informal economy and cash transactions, with a focus on enhancing the implementation of Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) strategies across the region.
Opening the forum, Mr. Kwaku Dua, GIABA National Correspondent and CEO of the Financial Intelligence Center (FIC) Ghana, welcomed participants and emphasized the rising prominence of transnational organized crimes. Dua referred to estimates from the United Nations Convention Against Transnational and Organized Crime (UNTOC), which came into effect in 2003, highlighting its main protocols aimed at preventing, suppressing, and punishing crimes such as human trafficking, particularly of women and children. He noted that while women have traditionally been victims of such crimes, there is increasing evidence pointing to the fact that some women are now playing pivotal roles as perpetrators of these crimes. Dua emphasized that the workshop aims to address misconceptions and propose actionable solutions to curb transnational organized crime.
Mr. Edwin Harris, Director-General of GIABA, represented by Dr. Jeffrey Isima, spoke on GIABA’s ongoing efforts to implement beneficial ownership registers and strengthen the supervision of sectors particularly vulnerable to money laundering risks, including Non-Governmental Organizations (NGOs), the real estate sector, and places of worship. He stressed the importance of collaboration among various stakeholders, including accountable institutions, competent authorities, the private sector, and international partners, in combating organized financial crimes.
Drawing attention to the role of individuals and institutions in tackling illicit financial activities, Mr. Harris warned against inadvertent involvement in money laundering schemes. He outlined some of the tactics used by criminals, including exploiting women as conduits for transferring illicit funds and utilizing educational institutions to launder money. Harris also cautioned against fraudulent schemes, such as fake job advertisements and online scams, which could unwittingly facilitate money laundering.
The forum was officially opened by Ghana’s Minister of Gender, Children, and Social Protection, Darkoa Newman, represented by Ms. Karikari Bediako, who called on participants to identify vulnerabilities and propose measures to mitigate money laundering activities in the subregion. She commended GIABA’s involvement in this critical regional effort and urged participants to actively engage in combating money laundering, stressing the collective responsibility to ensure that only funds from legitimate sources circulate within the region’s economy.
One of the forum’s key outcomes is to strengthen inter-agency collaboration in uncovering complex financial crimes. By fostering a shared understanding among participants, the forum aims to highlight the critical role of women and encourage collaboration across various agencies, enabling them to work together and share evidence when addressing cases of financial crime. As the fight against money laundering and terrorist financing continues, initiatives like this forum play a crucial role in fostering awareness, building understanding, and promoting collective action against these pervasive threats to global financial integrity.
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/regional-forum-in-accra-focuses-on-combating-money-laundering-and-financial-crimes-in-west-africa/
