THE ROLE OF INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING AND TERRORIST FINANCING IN WEST AFRICA (GIABA) IN COMBATING MONEY LAUNDERING AND TERRORIST FINANCING UNDER THE ECOWAS COMMUNITY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: FOOTNOTE / ENDNOTE
- Recommended for : Student Researchers
- NGN 3000
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.
Related Project Materials
AN ANALYSIS OF UTILIZATION OF TRADITIONAL MEDICINE IN KADUNA STATE, NIGERIA
Abstract
Individuals all over the world continue to utilize traditional medical care, despite the increased availability of modern medici...
THE ROLE OF NATIONAL COUNCIL OF WOMEN SOCIETIES (NCWS) IN THE EMPOWERMENT OF WOMEN IN KADUNA SOUTH LOCAL GOVERNMENT AREA, KADUNA STATE, NIGERIA, 2003-2015
ABSTRACT
This study examines the role being played by the National Council of Women Societies in empowering women in Kaduna South Local G...
THE IMPACT OF CULTURAL AWARENESS ON VOCATIONAL EDUCATORS
Abstract: This research explores the impact of cultural awareness on vocational educators i...
EFFECT OF POOR STUDY HABITS ON STUDENTS’ ACADEMIC PERFORMANCE
ABSTRACT
The Study habits of individual going through educational process are what will determine the study skills such...
A CONTRASTIVE STUDY OF THE SENTENCE STRUCTURE OF ENGLISH AND IGARRA LANGUAGES
BACKGROUND TO THE STUDY
The most primary aim of language is communication, and communica...
SHIPPING TRADE AND ITS IMPACT ON ECONOMIC GROWTH IN NIGERIA; 1976-2015
ABSTRACT
The study investigates the impact of Ocean shipment trade on...
IMPACT OF INFLATION ON PROPERTY VALUE IN NIGERIA
ABSTRACT
This research work examines Inflation on property value which is one of the most researched concepts, yet there is always a nois...
PUBLIC RELATION PRACTICES OF THE OIL AND GAS INDUSTRY
ABSTRACT
This project undertook an indepth appraisal of the effectiveness of public relations practices of Oil Corporations...
ENVIRONMENTAL IMPACTS OF AUTOMOBILE WASTE DUMP ON SOIL
ABSTRACT
Soil is the essential ingredient in any farming enterprise. When it is in poor health, plants cannot grow to th...
EFFECTIVE LIBRARY SUPPORT FOR DISTANCE EDUCATION PROGRAMS
EFFECTIVE LIBRARY SUPPORT FOR DISTANCE EDUCATION PROGRAMS; STRATEGIES FOR EQUALIZING ACCESS TO LIBRARY RESOURCES FOR ON-CAMPUS STUD...
