The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has urged governments in member states to provide more resources towards tackling money laundering and terrorism financing.
Mr Timothy Melaye, Acting Principal Officer, Communication and Advocacy, GIABA, made the call in an interview with the News Agency of Nigeria (NAN) in Cotonou, Benin on Wednesday.
This was on the sideline of the Regional Training Workshop on Investigative Journalism and Economic and Financial Crimes.
Melaye said that governments in member countries were doing the best possible to provide resources to tackle money laundering and terrorism financing.
“They are doing their best but that does not mean the best is good enough. They need to do more to provide resources to prosecute offenders.
“There are a lot of resources that are made available to the law enforcement agencies, particularly those who are prosecuting those financial crimes.
“That is not to say that they have everything that they need. There are more opportunities for the government to provide more resources in terms of technology,” he said.
According to him, technology has assisted many developed countries in tackling money laundering and terrorism financing.
He further appealed to governments to provide sufficient equipment.
“So, the more resources the government can give to them in terms of manpower; in terms of equipment, in terms of the necessary technology; will be of help.
“They must, of course, be able to have all the necessary resources for them to prosecute,” he said
Melaye also said that money laundering and terrorism financing in Nigeria had to be addressed using a multifaceted approach.
“For instance, in Nigeria, there are a lot of laws now against money laundering, following the Money Laundering Prohibition Act of 2011, amended in 2013, and further amended subsequently.
“Those laws have already set up the legal framework, but beyond the laws, there must be effectiveness in their application.
“Those who are caught in predicate offences of money laundering must be prosecuted,” he said.
He further urged the authorities to put in efforts to convict and seize stolen proceeds.
“The effort the authorities and the people need to put in place is to ensure that the conviction does not end with the offence but proceed to prosecute them and recover the assets.
“When they lose everything that was stolen, you do not allow them to negotiate, then you are really curbing it, and there will be no motivation for continuation.
“Every punishment or sanction must be dissuasive; must be proportionate and must be appropriate,” he said.
NAN reports that the regional training is aimed at building a strong alliance between GIABA and the media in effective dissemination of anti-money laundering and countering terrorism of financing (AML/CFT) issues.
It is also aimed at enabling trained journalists to acquire information and investigation technique to promote the culture of investigation into money laundering and terrorism financing.
This would promote better dissemination of information on AML/CFT systems. (NAN)
