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
This study was undertaken among other reasons of leadership style on the employee's performance in organiza...
ABSTRACT
The study examines the private sector as the engine of economic growth and development in Nigeria. A model was specified and dat...
BACKGROUND OF THE STUDY
A historical examination of the Nigerian economy and its expansion reveals farm...
Abstract
This study “Influence of ICTs on news writing, a study of practicing journalists in Owerri municipal council” has po...
ABSTRACT
Radiation exposure during diagnostic X-ray examinations has been widely reported as one of the sources of cancer induction. Info...
ABSTRACT
This study was carried out to examine the integrating psychographic profiling for improved sal...
BACKGROUNG OF STUDY
Infectious diseases are a significant cause of morbidity and mortality worldwide, accounting f...
Abstract
Archbishop Joseph Abiodun Adetiloye from Odo-Owa in the present Ekiti State was the second Nigerian primate after the Most Rev....
Abstract: THE INFLUENCE OF BUSINESS ANALYTICS ON OPERATIONAL EFFICIENCY
This study aims to examin...
Introduction and Background
Understanding the physics of our surrounding has driven science and technology for a long time and while some...