The African Development Bank (AfDB) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have joined forces in a concerted effort to combat money laundering and terrorism financing across their member nations. Termed the 'Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,' this three-year initiative has received a substantial financial backing of $5 million from the African Development Bank Group.
The funding mechanism for this crucial endeavor will be facilitated through a $5 million grant from the Transition Support Facility of the African Development Bank, equivalent to 3.5 million UA. This financial infusion aims to bolster resilience within the West African region by enhancing anti-money laundering and terrorism financing frameworks and enhancing the capacity of GIABA member states, with a special emphasis on nations undergoing transition.
A statement released by the AfDB underscores the grant's role in complementing the institution's strategic and operational commitments at both national and regional levels. It is in perfect alignment with the AfDB's overarching policy and action plan aimed at curbing illicit financial flows and advancing economic governance in Africa.
Mohamed Cherif, the Country Manager for Senegal at the African Development Bank, lauded the enduring partnership between GIABA and AfDB, highlighting past collaborative efforts such as training sessions for member countries and the provision of technical assistance.
Echoing Cherif's sentiments, Edwin Harris, Jr., the Director of GIABA, emphasized the timeliness of this support initiative. He noted that it arrives at a crucial juncture, poised to bolster the implementation of GIABA's ongoing Strategic Plan for 2023 – 2027 and facilitate impactful interventions to fortify anti-money laundering and terrorism financing frameworks across member countries.
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