APA-Dakar (Senegal) On 18 April, the African Development Bank (AfDB) and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) launched a three-year support project.
Entitled “Capacity building in the fight against money laundering and the financing of terrorism in transitional member states of the GIAB,” the project will receive a grant of five million dollars from the African Development Bank (AfDB) Group through the Transition Support Facility.
The programme launch ceremony, held in Dakar, was attended by staff from the two organisations, representatives of the beneficiary countries and Senegal’s Financial Intelligence Unit. “The project will contribute to resilience in the West African region by improving regimes for combating money laundering and the financing of terrorism, and by developing the capacities of GIAB member states, with a focus on countries in transition,” explains a press release sent to APA.
This AfDB donation complements the financial institution’s strategic and operational commitments at national and regional levels. “It is also in line with its policy and action plan for the prevention of illicit financial flows, as well as the Bank Group’s Strategy for Economic Governance in Africa (Sega),” the release adds.
Edwin Harris Jr, Director General of GIAB, welcomed the funding, which “comes at the right time to support the implementation of GABA’s 2023-2027 strategic plan and to contribute to effective interventions on AML/CFT regimes in its member countries.”
Mohamed Cherif, head of the African Development Bank’s country office for Senegal, praised the long-standing collaboration between GIAB and the ADB, which includes training sessions for its member countries and
technical assistance.
“The African Development Bank, an observer member of the GIAB, regularly consults this organisation as a key player in the development of the Bank’s policies, strategies and action plans relating to illicit financial flows, the fight against money laundering and economic governance,”the document stresses.
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