The African Development Bank (AfDB) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have jointly initiated a three-year project aimed at addressing money laundering and terrorism financing within their member countries.
Entitled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,” the project has secured a $5 million grant from the African Development Bank Group.
The launch event, held in Dakar, Senegal, saw the participation of representatives from both organizations, as well as delegates from beneficiary countries, which are members of GIABA, and Senegal’s Financial Intelligence Unit. Mohamed Cherif, African Development Bank Country Manager for Senegal, and Edwin Harris, Jr., GIABA Director General, represented their respective institutions.
Funded through a $5 million grant from the Transition Support Facility of the African Development Bank, the project aims to bolster resilience in West Africa by enhancing anti-money laundering and terrorism financing frameworks and building the capacity of GIABA member states, with a particular focus on nations undergoing transitional phases.
This grant supplements the Bank Group’s existing strategic and operational efforts at both country and regional levels, aligning with its policies and action plans on preventing illicit financial flows and its Strategy for Economic Governance in Africa.
Cherif praised the enduring partnership between GIABA and AfDB, highlighting their collaborative efforts in providing training sessions and technical assistance to member countries.
In response, the GIABA director expressed satisfaction with the funding, emphasizing its timeliness in supporting the implementation of GIABA’s ongoing Strategic Plan for 2023–2027 and enhancing interventions against money laundering and terrorism financing within its member states.
AfDB serves as an observer member of GIABA and regularly engages with the organization as a crucial stakeholder in the formulation of bank policies, strategies, and action plans pertaining to illicit financial flows, anti-money laundering measures, and economic governance.
About GIABA:
GIABA, established in 2000, is a specialized institution of the Economic Community of West African States tasked with promoting the adoption and enforcement of Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures in West Africa. Headquartered in Dakar, Senegal, GIABA collaborates with regional states to ensure compliance with international AML/CFT standards.
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