10 December 2012

West Africa: Ecowas Approves Sao Tome, Comoros in GIABA

The ECOWAS Council of Ministers has approved the admission of Sao Tome and Principe and the Comoros Island into the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) as a full member and an observer respectively.

The approval was among the decisions taken by the Council at its 69th Ordinary Session held in Abidjan, Cote d'Ivoire.

In accordance with Article 3 (b) of the Revised Statute of GIABA, the Council may grant the application for GIABA membership to any African state that demonstrates commitment to the goal of GIABA, which is to promote the implementation of acceptable international standards against money laundering and terrorist financing. Similarly, Article 5 (1) (e) of the GIABA Statute provides that any African country may be granted observer status in GIABA.

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