The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has described the anti-corruption strategies adopted by most Economic Community of West African States (ECOWAS) member states as weak and/or incomprehensive.”
Director General of GIABA, Mr. Edwin Harris Jr who stated this on Monday at the opening ceremony of a stakeholders workshop on the outcome of GIABA’s typologies study on money laundering and terrorism financing risks linked to corruption in West Africa, advised West African countries to adopt a new approach in the fight against corruption, money laundering and terrorism financing if it must achieve the desired result.
He said there was a need for stiff sanctions to be imposed against corrupt leaders in countries within the region.
GIABA is a specialised institution of the Economic Community of West African States, ECOWAS, responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies in West Africa.
Mr. Harris Jr. who was represented by the Director of Policy & Research, GIABA, Mr. Muazu Umaru, said that existing anti-corruption strategies in most ECOWAS member states “are weak and/or incomprehensive.”
According to him, “Based on our work, we have identified that corruption thrives on three key elements – people, power and resources that can be exploited or the gain to be made.
“We need innovative approaches and interventions that will target each of these key elements in a very comprehensive and collaborative manner.
“We need to ensure that only people of integrity have access to public resources; We need to ensure that powers of individuals and offices are checked without constraining their ability to exercise it in a fair and just manner; and, we need to ring-face public resources to ensure that only people with good reasons have access to them, with full regard to due process.”
He noted that Corruption is now the number one impediment to the development of the region and the African continent in general.
“While progress is being made by a number of countries, this is still not commensurate with the level of corruption prevailing in our countries,” he said.
“Corruption has become a wicked problem for the African continent – it is hydra-headed. Corruption has taken deep roots in our societies and has become systematic, permeating all sectors of the economy despite all the efforts being made to counter it by different governments and other factors.
“On a broader scope, tackling corruption in a sustainable manner will require a global rethink on economic justice. The 21st century economy is not working for the majority – it is an economy of the minority, by the majority for the minority.
“This is the root cause of many social problems in our societies today, including violent extremism.
“Humanity is at a crossroad between two contending forces – market driven economies infested with corruption as against humanity driven economy filled with compassion.
“Periods of economic hardships are the boom time for corruption and it does not matter how much we fight it.”
He stressed the need for countries within the ECOWAS region to put in place an independent accountability mechanism for law enforcement.
“Such a mechanism should have powers to conduct periodic inspections, receive and review periodic reports and complaints from citizens. Such a body and its membership should have a parliamentary guarantee to insulate it from political or any type of interference.
“The new approaches must also be anchored on transparency, public accountability and effective, proportionate and dissuasive sanctions against anyone and everyone that is found to be corrupt.
“Let us aim at treating the disease instead of the symptoms. We can do it if we commit to it,” GIABA added.
While welcoming the delegates, the Director of the Nigerian Financial Intelligence Unit (NFIU), Mr. Modibbo Harman Tukur, commended GIABA for its efforts in the fight against corruption and money laundering. He said it is the most effective forum for fighting corruption.
While speaking on the achievements of NFIU in the area of sanctions, Tukur said, “The sanctions we have meted out is close to the total expenditure of the entire country in one month. Last year alone, we secured over 200 convictions in corruption cases in Nigeria.
“If you add money laundering and terrorism financing to it, we got more than 2000 convictions.
“This year, the United Nations selected the NFIU as one of the best practice Financial Intelligence Units in the world and they sent a delegation on study tour from United States, United Kingdom, South Africa, Liberia, Zambia and Kenya to come and learn from our processes
He said despite all NFIU is doing, Nigeria remains a high risk country for corruption and terrorism financing. He commended the typologies studies and promised that Nigeria as a country, once the outcomes are available, will be the first country to implement it.
Also in his goodwill message, the Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Abdulkarim Chukkol, while commending GIABA, who was represented by the Head of Operations, EFCC, Mr. Ibrahim Idris, said it was unfortunate that Nigeria was placed on the greylist of the Financial Action Task Force, owing to the unaddressed vulnerabilities in its anti-money laundering framework.
“I need not overemphasize the fact that Nigeria’s presence on the greylist represents a huge setback in our nation’s efforts at tackling issues bordering on money laundering and the fight against corruption.
“But I am encouraged by our resolve to consider the greylist as a challenge for greater commitment to reform the Nation’s Anti-Money Laundering and Counter Financing of Terrorism framework with a view to not only exiting the Financial Action Task Force’s greylist within the shortest time possible but ensuring sustainable anti-money laundering activities in Nigeria.
“For us in the EFCC, while we have never taken our eyes off the ball, there is a greater commitment now more than at any other time, to aggressively enforce and harness the potentials of the new money laundering, proceeds of crime and terrorism financing laws.
“We are also willing to peer review and share experiences with other anti-corruption agencies in the region.
“Finally, I want to assure you that you can count on the support of the EFCC in actualizing whatever recommendations that may be adopted after this critical review session,” the Acting EFCC Chairman added.
In her remarks, the Solicitor-General of the Federation (SGF), and Permanent Secretary, Federal Ministry of Justice, Mrs. Beatrice Jedy-Agba, assured the regional body that Nigeria would intensify its war against corruption.
The SGF, who was represented by the Assistant Director (Legal), Federal Ministry of Justice, Mrs. Habibat Eluameh, while identifying corruption as a major problem that is bedeviling the West African region, noted that Nigeria had in the past, “taken series of far reaching steps to combat corruption.”
She said some of the steps included the extension of the National Anti-corruption Action Plan & Strategy, from 2022 to 2026, as well as the enactment of the Anti-Money Laundering Act.
The SGF said the Federal Government of Nigeria was committed to ensuring the effective recovery and management of proceeds of crime.