W, African states weak in anti money laundering fight
Most countries in West Africa have performed poorly in fighting against money laundering and terrorist financing, said GIABA, the Inter Governmental Action Group against money laundering and terrorist financing.
According to GIABA’s Director General, Abdullahi Shehu, most of the countries in the sub-region have failed to set up financial intellegence units to track down laundered money.
‘’The poor compliance level on the preventive measures is a pointer to the level of vulnerability of the financial systems to money laundering and other related crimes,’’Shehu noted.
GIABA has launched a report, highlighting the scale of the problem in the West African sub-region.
In this sub-region, statistics on money laundering is hard to come by.
But authorities say the sums involves tens of millions of US dollare and even several billions.
The launch of the report in Dakar brought together Journalists from across West Africa, who included WADR’s Monrovia Correspondent Willian Selmah.
Click audio below to listen to his reportTweet