ABSTRACT
The ECOWAS Inter-Governmental Action Group Against Money Laundering and Terrorist Financing in West African (GIABA) is a specialized institution of ECOWAS with a mandate to develop anti-money laundering and counter financing of terrorism measures, as well as a Financial Action Task Force Style of Regional Body (FSRB) with its headquarters in Dakar, Republic of Senegal. Its mandate is to develop anti-money laundering and counter terrorism financing (AML/CTF) measures, and to coordinate regional efforts to combat money laundering (ML) and terrorist financing (TF). Its membership consists of all member states of the ECOWAS. As such it is a regional intergovernmental body which supports the work of the United Nations (UN) in preventing, detecting, deterring and suppressing terrorism, particularly its financing Money Laundering and Terrorist Financing undermine development by eroding Social and Human Capital, affecting Social and Political Stability, causing artificial rise in the cost of business, and thus driving away business and investment and undermining the ability of the states to accelerate development. A society that is infested with terrorism and money laundering is bound to be lawless or order less, and anarchy, will thus, set in thereby rendering the society undeveloped politically and economically. The research examined how far and successful has GIABA achieved its mandate of combating money laundering and terrorist financing in West Africa. The research also analyzed the problems and challenges being encountered by GIABA in the discharge of its mandate and made some findings and offered suggestions on the best ways to enhance the discharge of GIABA‘s function. The methodology adopted is the Doctrinal and Empirical methods. The major findings of the research inter alia that member state of ECOWAS are not represented in FATF, that GIABA is not a law enforcement institutions, even though it is charged with the onerous responsibility of coordinating regional efforts around law enforcement problem; and also GIABA is faced with both institutional and legal problems, i.e. with regards to its mandate, it is only given the power of advice to member states and cannot enforce or investigate any allegation of money laundering or terrorist financing. It is recommended that FATF should consider at least one potential country in West Africa for FATF membership, otherwise, GIABA should amend its Article 2(c) of the 2006 Statute to withdraw as the FATF Styled Regional Body and also stop promoting FATF norms and values more especially FATF 40+9 Recommendations, the research also recommended that GIABA Statute, 2006 to be amended more especially Article 2(b) to provide it with an organ like police or law enforcement agency in performing it day-to-day activities under it mandate; and also recommended that GIABA Statutes, 2006 to be amended to provide it with both coercive and supervisory powers to all the 15 member states on cases of money laundering and terrorist financing.
ABSTRACT
Accounting has been described as the language of business. This is true; in fact it could be seen as th...
ABSTRACT
This research work is aimed at defining the PROBLEMS OF FEMALE SECRETARIES IN BUSINESS ORGANIZATIONS A CASE OF...
This project report describes a mobile android based job finder and applier. There is a crisis in Nig...
Abstract
This study focused on the impact of trade liberalisation on the Nigerian employment growth. &...
BACKGROUND
Heart beat rate means the number of heartbeats per unit time, usually expressed as beats per minute (bpm). The human heart pou...
ABSTRACT
A lot of employees think that their secretaries are not producing as much as they should. That they are not wor...
ABSTRACT
The primary purpose of this study is to ascertain the compact of bureaucracy towards achieving...
Abstract
One of the major impediments to development in Nigeria is labour unrest. This is given the fac...
Background of the study
Over the years world views have continually detected the moral disposition of the world’s people. This is t...
ABSTRACT
Both water pollution and water scarcity are increasing global problems and particularly serious challenges for Africa. According...