West Africa: Liberia Seeks Robust Regional Anti-Money Laundering Cooperation.

29 July 2024
The New Dawn (Monrovia)
By By Lewis S. Teh

In the fight against money laundering, terrorist financing, and other financial crimes, Cllr. Tweh said robust regional and international cooperation are key drivers.

Liberia's Justice Minister and Attorney General Cllr. Oswald Tweh has called for robust regional and international cooperation to combat money laundering, terrorist financing, and other financial crimes.

"If we must succeed in the fight against money laundering, terrorist financing, and other financial crimes, then a robust regional and international cooperation are key drivers to combat them," said recently in Monrovia.

Minister Tweh recently addressed the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit, which was held in Monrovia.

According to Cllr. Tweh, all participants at the forum should collaborate strongly and form a robust integrated front against financial crimes in West Africa and the world to address the current challenges.

He termed such cooperation as crucial for protecting the economies and societies of all nations that are part of the regional body GIABA.

The three-day summit ran from July 22 to July 25, 2024, under the theme: "Emerging Risks and Changes to Financial Action Task Force Standards - Implications for the Private Sector."

The summit was held at the Ellen Johnson Sirleaf Ministerial Complex in Oldest Congo Town.

The summit addressed new threats and updates to Financial Action Task Force (FATF) standards and methodology.

It brought together over 150 participants, including financial institutions' Chief Compliance Officers, Heads of Financial Intelligence Units (FIUs), and other stakeholders from West Africa and Europe.

The summit provides a platform for participants to exchange insights, develop compliance strategies, and explore challenges and opportunities within the AML/CFT framework while seeking to bolster capacities in addressing evolving risks and aligning compliance frameworks with updated FATF standards.

Participants at the forum highlighted various topics for discussion, including evolving FATF standards, AML/CFT compliance landscapes in West Africa, and strategies for enhancing regulatory mechanisms.

The GIABA 2024 West Africa Compliance Summit fosters cooperation and enhances AML/CFT measures, serving as a platform for strategic collaboration and dialogue among diverse stakeholders.

The summit aimed to strengthen the region's financial security and mitigate risks associated with money laundering and terrorist financing.

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