THE Director General of Inter-Government Action Group Against Money Laundering in West Africa (GIABA), Dr. Abdullahi Shehu, has stressed the need for international cooperation to fight against money laundering and terrorist financing facing the society.
Speaking at the official opening of the GIABA information centre in Lagos recently, Shehu explained that transnational organized crimes especially money laundering and terrorist financing are serious threat to international peace and security.
According to him, “the twin crime of money laundering and terrorist finance was a complex phenomenon with serious consequences on political, social and economic development.”
He noted that as cross border criminality does not respect sovereignty, no nation could effectively tackle it in isolation. Thus, international co-operation is necessary.
He stressed that the choice of Nigeria to host the centre is predicated on the important role the country is playing in the regional integration process in West Africa and as a forerunner in the global fight against money laundering and terrorist financing.
Shehu added that its information centre would strengthen the capacity building, awareness creation, networking, promotion of best practices and access timely to improve the investigation of money laundering.
“It is only through proper understanding of the nature of these crimes and their effects on the society that people will appreciate the need to be part of the global efforts in the crusade against the crimes.
“The centre will help in facilitating outreach programmers’ of GIABA, developing publicity materials and sensitising the public on the menaces of money laundering and terrorist financing in the sub-region.
“The state is home to major industrial establishments, the financial sector, and other players that are vulnerable to money laundering and terrorist financing activities.
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GIABA boss urges international co-operation on money laundering