Dakar — The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has stressed that there is a lack of stronger political will from leaders of member states to effectively fight against money laundering and terrorist financing in the region.
"The major challenge remains political will," GIABA Director General, Mr. Edwin W. Harris, Jr., said Tuesday, August 26, when he presented GIABA's 2024 Annual Report during its Annual Briefing Session with ECOWAS Ambassadors, development partners, and the media in Dakar.
Money laundering and terrorism financing have been destabilizing West Africa's economies and posing severe threats to peace and security in the region.
These menaces have been distorting markets, undermining financial institutions, and fueling extremist violence through illicit funds. Weak institutional capacity, poor international cooperation, and the exploitation of digital technologies and informal financial systems exacerbate these issues, allowing criminals and terrorists to operate with increasing complexity and decentralized methods.
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Harris is, however, recommending tougher penalties against perpetrators.
DG Harris noted that for the fight against money laundering and financing terrorism to be successful, there is a need for stronger political will from the leaders of the region.
"We must move beyond laws on paper to prosecution, investigation, conviction, and confiscation of proceeds of crime."
He noted that taking away criminal profits through forfeiture is "the most effective way to fight money laundering and terrorist financing."
Delivering the opening remarks at the official report presentation, DG Harris underscored the institution's achievements in strengthening Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks across the region.
He reaffirmed GIABA's commitment to transparency, noting that this is the third consecutive year he has delivered the Annual Report since assuming office.
"Commendable improvement has been made in implementing AML/CFT regimes across the region. Member countries have made significant progress, but much more still needs to be done," Harris told representatives.
Since its establishment in 2000, GIABA has supported member states with legal reforms, national AML/CFT strategies, the establishment of Financial Intelligence Units (FIUs), inter-ministerial coordination, and capacity building through training and technical assistance.
The institution has also undertaken major research on financial crimes, including studies on arms trafficking, insurgency financing, and tax fraud.
Despite these efforts, Harris pointed out challenges and gaps revealed during GIABA's second round of mutual evaluations, covering 17 member states. While countries showed progress in developing legal frameworks, they performed "very poorly" in effectiveness highlighting weak implementation.
He added that six countries were initially grey listed after the evaluation, but progress has been made: Ghana exited in 2021, Senegal in 2022, and Mali in June 2025. On-site verifications were recently conducted in Nigeria and Burkina Faso, with hopes they will exit the list at the FATF plenary in October.
Harris urged governments, partners, and civil society to remain actively engaged: "Do not keep quiet. As Martin Luther King Jr. said, 'In the end, we will remember not the words of our adversaries, but the silence of our friends."'
Speaking after the report's presentation, Liberia's Ambassador to Senegal, Ali Syla, praised Harris's leadership, noting the significance of a Liberian heading a key regional institution in the fight against financial crimes.
"This is a source of pride for Liberia, and we must provide him with the necessary support," Amb. Syla said, adding that Harris is doing "a very good job."
The Liberian envoy stressed the need for stronger banking systems and collaboration between FIUs and central banks to effectively track money flows, especially from high-risk regions. He praised Liberia's Financial Intelligence Unit for its partnership with the Central Bank of Liberia.
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Ambassador Syla also described GIABA's enormous efforts in the fight against money laundering and terrorist financing progress as "work in progress" rather than failure, citing reforms in several member states. He acknowledged political will as the cornerstone of progress, aligning with Harris's call for stronger implementation.
Beyond GIABA's activities, Ambassador Syla highlighted efforts to rebrand Liberia's Embassy in Senegal after years without an ambassador. He reported that within six months, the mission had regained visibility, engaged Senegalese authorities, and strengthened diplomatic ties.
As GIABA prepares for its third round of mutual evaluations, the institution has pledged to continue supporting member states through technical assistance, policy development, and cross-border cooperation.
"Together, we can safeguard our economies, protect our people, and contribute to regional peace and stability," Harris concluded.
