Freetown, Sierra Leone, Saturday, November 23, 2024 – Sierra Leone’s President, His Excellency President Julius Maada Bio has officially opened the 29th Ministerial Committee Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) at the New Brookfields Hotel, Freetown. GIABA, a specialized ECOWAS institution, coordinates efforts to combat money laundering, terrorist financing, and proliferation financing (ML/TF/PF) across West Africa.
In his opening remarks, the Director General of GIABA, Mr. Edwin W. Harris Jr., expressed gratitude to President Bio for gracing the conference with his presence. He highlighted the publication of a regional report, which underscores the need for intensified efforts to address financial crimes in West Africa.
“While progress has been made, our region must double its efforts. This meeting is a call to action, not just talk,” Mr. Harris said. He commended GIABA’s training programs, which have supported six member states in combating money laundering and terrorist financing. Emphasizing the need for stronger commitment from member states, he noted: “As Director General, I have rebranded and reformed GIABA, elevating its status and recognition. Now, we must act decisively to translate our plans into measurable results.” He concluded.
The President of the Financial Action Task Force (FATF), Ms. Elisa de Anda Madrazo, lauded GIABA’s efforts and pledged her organization’s continued support. “The fight against money laundering is a global challenge,” she stated. “We are committed to strengthening capacity building, financial inclusion, and collaboration across the ECOWAS region to achieve meaningful results.”
She reiterated FATF’s readiness to work closely with GIABA and urged ministers to implement the recommendations of the report being deliberated. “Together, we can foster a robust global network of cooperation,” she concluded.
Welcoming the delegation, Minister of Finance, Mr. Sheku Ahmed Fantamadi Bangura, underscored the political support provided by President Bio to the Financial Intelligence Unit (FIU). He highlighted Sierra Leone’s legislative advancements in combating financial crimes and stressed the importance of collective dialogue to implement GIABA’s recommendations. “Through collaboration at the inter-ministerial level, we can create a secure financial ecosystem and effectively address money laundering and terrorist financing,” he stated.
In his keynote address, His Excellency, President Bio welcomed the delegates and reaffirmed Sierra Leone’s commitment to combating money laundering, terrorist financing, and proliferation financing. “We stand at a critical juncture in our collective fight against transnational financial crimes,” he said, emphasizing the importance of translating technical recommendations into actionable national and regional strategies.
President Bio outlined Sierra Leone’s progress in aligning national AML/CFT/CPF laws with international standards, enhancing capacity building, and fostering regional cooperation. He highlighted ongoing investments in training, technology, and intelligence sharing to strengthen agencies tasked with combating financial crimes.
“Our approach must adapt to emerging threats, such as the misuse of new technologies for illicit purposes,” he noted. “Joint investigations and coordinated enforcement actions are essential to dismantling transnational criminal networks.”
The President pointed to Sierra Leone’s achievements, including global recognition from the United Nations and FATF for high standards in AML/CFT performance. He also highlighted Sierra Leone’s leadership during its tenure on the United Nations Security Council, where the country championed initiatives to combat illicit financial flows.
Closing his address, the President called for renewed commitment to resource allocation, strategic planning, and accountability. “The success of GIABA is tied to the political will of each member state. Regional collaboration and intelligence sharing are indispensable to achieving our goals,” he asserted. He urged delegates to leave the conference with a renewed sense of purpose and a robust action plan. “Let us not lose sight of the mutual benefits of our efforts to enhance regional security, unlock sustainable economic development, and foster global stability,” he concluded.
