Religious Leaders asked to fight Money Laundering in West Africa 


Religious leaders have been urged to help combat Money Laundering and Financing of terrorism in West Africa. 

They are to use their pulpits and mosques to educate their members on the effect of money laundering and financing of terrorism across the subregion. 

The Director General of at the Inter-Governmental Action Group Against Money Laundering in West Africa, an ECOWAS body, Justice Kimelabalou Aba said this in a speech read for him by the Director of Programmes and Projects, DR. Buno Nduka at the opening of a seminar for religious leaders and institutions in Accra. 

He said a research on cash transactions and couriers in 2007 revealed that the subregion is vulnerable to money laundering and terrorist financing activities through cross border cash movement. 

The GIABA Director General noted that since the 1990s money laundering and terrorists financing have increased.

The Consequences of the situation he noted are: "(i) the weakening of social and human capital which may be a major challenge to sustainable development (ii) a serious threat of the social and political stability of the involved states thus causing an artificial increase in the cost of production of goods while causing national and foreign investors to shun the involved countries."

He pointed out that proceeds of crime are favourable grounds for corruption and disregard for rule of law. 

Such a situation the Director General observed creates general feeling of insecurity which could trigger political problems. 

Justice Kimelabalou Aba said GIABA established by ECOWAS in 1999 is mandated to ensure the implementation of Anti-Money (AML)and Counter-Financing of Terrorism (CFT) standards in compliance with acceptable international standards and practices, promote implementation of AML/CFT measures by member states and organise self-evaluation and mutual evaluations to measure the efficiency of the measures taken as well as their compliance among other functions. 

Deputy Interior Minister Henry Quartey on behalf of his Minister commended GIABA for its work in curbing the menace, adding that building the capacities of stakeholders  is important in fighting money laundering and terrorism.

The Executive Director of the Economic and Organised Crime Unit, EAOCO Mr. KK Amoah said the fight request everyone's effort and entreated pastors and Imans to desist from begging for people who are being investigated by EAOCO.

He underscored the importance roles religious leaders need to play in curbing corruption in society. Mr. Amoah called for prayers and calculated actions by all stakeholders to stop money laundering and terrorism financing.

The Acting Executive Director of the National Peace Council, George Amoh noted that money laundering has the power to deny citizens of their amenities and undermine development, hence the need for a concerted efforts to discourage people who engage in the act. 

Mr. Amoh said the mandate of the National Peace Council fits into what GIABA is doing. He emplored the Bank of Ghana to continue to sensitise people on the negative practices of Financial institutions, adding that people who use the institutions as channel for money laundering should be severely punished.

The seminar provides opportunity to raise awareness level of religious leaders on their role in anti-money laundering and terrorism financing as well as educate them on some regional initiatives and to agree on actionable points to promote peaceful coexistence.

Story by Correspondent Dominic Hlordzi.

gbcghanaonline.com
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