Bankers Seek End to Money Laundering, Identity Theft

The Lagos State Chapter of the Chartered Institute of Bankers of Nigeria (CIBN) has expressed concern over incidence of money laundering, terrorism financing and identity theft in the country.

The body also stressed the need for more initiatives to address such fraudulent activities in the banking system, even as it expressed delight over the recent launch of biometrics. According to the Lagos CIBN, biometrics would help to track down fraudsters in the system.

Speaking ahead of its forthcoming conference on anti-money laundering, terrorist financing and identity theft management to hold in Lagos between March 24th and 25th, the First Vice-Chairperson, CIBN, Lagos Branch, Mrs. Taiwo Ige, said the impact of the such fraudulent activities on individuals, the nation and organisations were enormous.

According to her, the conference would expose lawyers, bankers and operators in other sectors to modalities on how to tackle money laundering and identity theft in order to encourage investment in the country and protect depositors.

Director of Financial Intelligence Unit promises to work with anti-money laundering journalists

The director of the Financial Intelligence Unit (FIU) has promise to work with the Network of Journalists against Money Laundering and Terrorism Financing – The Gambia, a national chapter of the sub-regional network. 

Mr Yahya Camara said his unit is ready to work with the network to see how best the right information on the scourges of the twin evils of Money Laundering and Financing Terrorism (ML and FT) reach the masses.  The FIU is established by an Act of the parliament and it is mandated to render services such combating  ML and FT in The Gambia.

(L - R) Mr Drammeh, Mr Jahateh and Mr Camara

Mr Camara was speaking to members of the network during a courtesy call to his office, located within the Central Bank of The Gambia in Banjul, on Wednesday. 

Speaking earlier, Lamin Jahateh, coordinator of the network, said the purpose of the visit is to formally introduce the network to the FIU, and to discuss areas that the FIU can collaborate with the network, as part of the network’s 2014 action plan.

The main objectives of the network include complementing the efforts of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in combating economic and financial crimes in the sub-region with a view to protect the national economies and financial systems from M L. 

The network has aims to also to build the capacity of journalists to report well on issues pertaining to money laundering and terrorism financing.

Mr Jahateh said this year; the network intends to organize a seminar to familiarise journalists with the Anti-Money Laundering and Counter Financing Terrorism Act of The Gambia. 

This is to help journalists to be au fait with the tools and knowledge needed to do a proper reporting and analysis of the twin crimes. 

He also told the FIU boss that the network intends to hold symposium on International Anti-Corruption Day, 9^th December.  The event will be staged to raise awareness on the menace of corruption as it is one of the sources where people derive illicit fund to launder or to finance criminals.

The network also has plans to prepare and publish an E-Newsletter that will contain quality reports and feature articles on ML and FT, as part of its efforts to disseminate information on the twin crimes.

Welcomed initiatives

Mr Camara, director of the FIU, said the initiatives of the network are welcome and that the FIU will see how best they can collaborate with the network.