The African Development Bank and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have joined forces to combat money laundering and terrorism financing in their member countries through a new project.
The project, named "Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition," will receive financial support from a $5 million grant provided by the African Development Bank Group. The initiative aims to enhance anti-money laundering and terrorism financing regimes in the region, with a focus on countries in transition.
During the launch ceremony in Dakar, Senegal, Mohamed Cherif, African Development Bank Country Manager for Senegal, praised the longstanding collaboration between GIABA and AfDB, highlighting the training sessions and technical assistance provided to member countries.
In response, Edwin Harris, Jr., GIABA Director General, expressed satisfaction with the financing, stating that it will support the implementation of GIABA’s strategic plan and contribute to effective interventions against money laundering and terrorism financing in member countries.
The project, funded through a grant from the Transition Support Facility of the African Development Bank, aligns with the Bank Group's efforts to prevent illicit financial flows and promote economic governance in Africa. GIABA, established in 2000 and headquartered in Dakar, Senegal, plays a vital role in promoting Anti-money Laundering and Combating the Financing of Terrorism standards in West Africa.
The collaboration between the African Development Bank and GIABA signifies a significant step towards strengthening anti-money laundering and terrorism financing measures in the West African region.
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