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“African Development Bank And GIABA Join Forces To Combat Money Laundering And Terrorism Financing In Africa”

In a concerted effort to address the pressing issues of money laundering and terrorism financing across member countries, the African Development Bank (AfDB) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have launched a collaborative three-year support project.

Entitled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,” the project will receive financial backing totaling $5 million from the African Development Bank Group’s Transition Support Facility.

The official launch ceremony, held in Dakar, Senegal, gathered representatives from both institutions, along with delegates from GIABA member countries and Senegal’s Financial Intelligence Unit. Mohamed Cherif, African Development Bank Country Manager for Senegal, and Edwin Harris, Jr., Director General of GIABA, represented their respective organizations.

With a grant of 3.5 million UA (approximately $5 million) from the African Development Bank, the project aims to bolster resilience in the West African region by enhancing anti-money laundering and terrorism financing frameworks and building the capacity of GIABA member states, with a specific focus on nations undergoing transition.

This initiative complements the strategic and operational efforts of the African Development Bank at both country and regional levels, aligning with its policies and action plans for preventing illicit financial flows and promoting economic governance in Africa.

Mohamed Cherif lauded the longstanding partnership between GIABA and the African Development Bank, highlighting previous collaborative endeavors such as training sessions and technical assistance.

In response, the GIABA director expressed gratitude for the timely financial support, emphasizing its significance in advancing GIABA’s Strategic Plan for 2023-2027 and facilitating effective interventions in member countries’ anti-money laundering and terrorism financing efforts.

As an observer member of GIABA, the African Development Bank plays a crucial role in consulting with the organization on matters related to illicit financial flows, anti-money laundering initiatives, and economic governance, reaffirming their commitment to combating financial crimes and promoting stability across the African continent.

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