MONROVIA – The Financial Intelligence Agency of Liberia (FIA) has announced that the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), a specialized Institution of the Economic Community of West Africa States (ECOWAS) is expected to host the West African Summit in Monrovia, Liberia from July 22-25, 2024 regarding new emerging risks and changes to the Financial Action Task Force (FATF) standards/methodology.
Speaking at the Ministry of Information, Cultural Affairs and Tourism (MICAT) on Thursday, July 18, 2024, in Monrovia, the FIA Officer-In-Charge, Mohammed A. Nasser elaborated that the summit is intended to raise awareness of the critical interest-holders, with focus on the private sector and Financial Intelligence Units on emerging Money Laundering, Terrorist Financing and Proliferation Financing (ML/TF/PF) risks and the substantial changes in FATF standards.
According to him, the summit is geared toward strengthening the capacity of participants to effectively address evolving risks and take required steps to align their compliance frameworks/programs to the revised standards /methodology.
He stressed that the GIABA summit is a platform for participants to share experiences, including identifying important challenges hindering the effective implementation of AML/CFT preventive measures and best practices that will facilitate AML/CFT compliance in the region.
Mr. Nasser pointed out that the summit is to raise awareness of the private sector on GIABA preparation for the 3rd round of evaluation in conformity with emerging risks and new changes to FATF standards.
“About 150 participants are anticipated to attend the GIABA program, comprising Chief Compliance Officers of financial institutions and non-financial entities and heads of Financial Intelligence Units (FIUs) across the region,” he disclosed.
The FIA OIC expressed optimism that the expected GIABA summit could enhance effectiveness in implementing AML/CFT preventive measures in the West African region, promote awareness, and adequately prepare the private sector for the subsequent round of GIABA evaluation.
He noted that the summit will improve the integrity and stability of the financial sector in member States in West Africa and enhance networking and collaboration amongst private sector stakeholders who are linked to positive impacts on the enforcement of AML/CFT preventive measures.
Mr. Nasser added that the anticipated regional summit will be facilitated by regional experts, and GIABA faculty through presentations, case studies, and panel discussions.
