West African countries are set to enhance measures to combat money laundering and terrorism financing in the sub-region.
This is the aim of the meetings of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) with its development partners in Abuja.
The GIABA 28th Technical Commission/Plenary and its 18th Ministerial Committee meeting would share experiences on the challenges faced in implementing effective measures against money laundering and terrorism financing.
The plenary, holding on Thursday, would consider and approve of the follow-up reports to evaluate the level of compliance of the recommendations of the Financial Action Task Force (FATF 40) by member states.
The 40 Recommendations provide a complete set of counter-measures against money laundering covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation.
The recommendations have been recognised, endorsed, or adopted by many international bodies.
Other reports for consideration and adoption at the plenary include the reports of the Co-Chairs of the Evaluation and Compliance Group (ECG) and of the Co-Chairs of the Risks, Trends and Monitoring Group (RTMG).
In addition, the Status Report on Burkina Faso and Status Report on Nigeria’s Membership of the Financial Action Task Force (FATF) would be presented to the plenary.
The plenary would also consider the outcomes of FATF June and October 2017 Plenary and Working Group meetings.
The plenary meeting would be declared open by Speaker of the House of Representatives, Mr Yakubu Dogara.
Furthermore, the GIABA Ministerial Committee (GMC), which is its policy making organ, would hold its meeting on Saturday.
The GMC comprises the three GIABA line ministers from all member States (Ministries of Finance, Security/Interior and Justice).
The meeting would consider and adopt the Director General’s Summary Activity Report and the Report of the 28th GIABA Technical Commission/Plenary, among others.
The GMC meeting would be declared open by Vice President, Prof. Yemi Osinbajo (SAN).
Also, the GIABA meetings are holding from Nov. 13 to Nov. 18.