The Role of Institutional Framework in Entrenching Effective Anti-Money Laundering/Combating Terrorist Financing in West Africa: Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Perspective

Abstract

The question of the effectiveness of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regimes of countries in West Africa in tackling crime, specifically Money Laundering (ML) and Terrorist Financing (TF), is one of the most crucial aspects of any discourse around these issues. Presently, most discourses have primarily focused on describing the phenomena of money laundering, terrorist financing, and the structure of individual regimes to combat them. The aim of this paper is to expand the discourse further by assessing those regimes holistically, starting with examining the concepts of ML and TF and the efforts of the West African sub-region to counter these crimes. In particular, the paper focuses on the contributions of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) towards establishing an effective AML/CFT regime in the west African sub-region. The paper X-rays intermediate AML/CFT measures that GIABA has helped States—within the precincts of its mandate to adopt and implement; and the methodologies it adopts in working with States to achieve an effective AML/CFT regimes. The paper makes overarching recommendations towards strengthening the AML/CFT efforts in West Africa concerning several identified challenges militating against the overall success of these efforts. The methodology adopted in this research is the desk top or secondary research, as it relied on already existing data. Using the content analysis approach, existing data is collated and summarised for effectiveness of the research.