In a significant development, Nigeria is poised to host the 40th Technical Commission/Plenary and 27th Ministerial Committee meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
Set to unfold at the State House Conference Centre, Abuja, from November 12th to 18th, 2023, this event marks a crucial assembly of experts, member States, and observers dedicated to combating money laundering and terrorist financing.
The GIABA Technical Commission convenes biannually, bringing together experts to share insights and confront challenges in implementing effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) measures.
This strategic collaboration involves representatives from member States, development partners, and observers, united in the common goal of enhancing regional security and prosperity within the ECOWAS region.
Integral to GIABA’s mission, Plenary meetings serve as statutory gatherings to ensure member States’ compliance with AML/CFT Standards.
During these sessions, the focus is on the approval of mutual evaluation follow-up reports, assessing member States’ alignment with the FATF 40 Recommendations on AML/CFT.
The 40th Plenary Meeting, set to be inaugurated by Nigeria’s Minister of Justice, Mr. Lateef Fagbemi, promises insightful deliberations. Among the agenda items, the Director General, Mr. Edwin W. Harris Jnr., will present GIABA’s Activity Report.
Notably, the Plenary will scrutinize the 2nd Round of Mutual Evaluation Report of Guinea and discuss Follow-Up reports of Mali and Nigeria.
A comprehensive array of reports awaits consideration and adoption at the Plenary.
These include the reports of the Co-Chairs of the Evaluation and Compliance Group (ECG), the Risks, Trends, and Monitoring Group (RTMG), and the Progress Report of GIABA Effectiveness Improvement Program (EIP) Action Plan.
Additionally, a brief on the GIABA Technical Assistance Forum will shed light on collaborative initiatives.
Parallelly, the 27th meeting of the GIABA Ministerial Committee (GMC) on November 18, 2023, holds immense significance.
Comprising the three GIABA line ministers from member States, this policy-making organ will consider and adopt the Director General’s Summary Activity Report, as well as the Report of the 40th GIABA Technical Commission/Plenary.