The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) convened its 2nd extraordinary ministerial meeting to deliberate on key regional security and financial threats.
The meeting, held in Accra on Saturday, July 19, brought together Ministers of Finance, Justice, and Security across member states of the Economic Community of West African States (ECOWAS).
Central to the discussions was the consideration of the Alliance of Sahel States (AES)—Burkina Faso, Mali, and Niger—whose potential admission into GIABA as non-ECOWAS members is seen as crucial for strengthening the fight against terrorism financing and illicit financial flows.
The meeting marked a leadership transition within GIABA’s Ministerial Committee, as Nigeria’s Attorney General Prince Lateef Fagbemi handed over the Chairmanship to Sierra Leone’s Finance Minister, Sheku Fantamadi Bangura.
The new chair emphasized the urgency of adaptive strategies in tackling increasingly sophisticated financial crimes in the sub-region.
“Our path forward must be anchored in decisive action and collective resolve to counter emerging threats like cybercrime and illicit maritime financial flows,” Mr. Bangura stated.
In his address, GIABA Director-General Edwin W. Harris Jr. highlighted significant milestones, including Mali’s exit from the Financial Action Task Force (FATF) grey list and efforts to bring other member states into global financial intelligence networks.
He, however, cautioned against complacency, urging the committee to consider suspending Sao Tome and Principe’s membership over persistent non-payment of subscription fees.
Vice President of Ghana, Professor Naana Jane Opoku-Agyemang, who delivered the keynote address at the opening ceremony, commended GIABA’s commitment to safeguarding regional economies and called for a forward-looking approach to collaboration.
“Our responsibility is to ensure that our regional architecture remains robust, inclusive, and capable of addressing emerging threats,” she said.
The meeting precedes GIABA’s 25th anniversary celebrations slated for November in Monrovia, where a review of its mandate to align with current realities is expected to take centre stage.
