Experts Seek Tighter Regulations against Money Laundering

The Chairman, Lagos Chamber of Commerce and Industry (LCCI), Mr. Remi Bello, has stressed the need for stiffer regulations against money laundering and terrorist financing.

Bello argued that the huge amount taken out of the country illegally would have made a considerable impact on the Nigerian economy.

The LCCI boss stated this at a recent conference tagged: “Anti-money Laundering, Terrorist Financing and Identity Theft Management,” organised by the Lagos branch of the Chartered Institute of Bankers of Nigeria (CIBN).

While stating that money launders used to take away millions of naira in the past, he alleged that the crime has grown into billions of naira. The trend, according to him, calls for greater regulation as a result of the effect on the Nigerian economy.

"It is naive to think that Western nations will help us to police the theft of our patrimony. In many ways, they benefit from our corruption, "he alleged.

He added: "Therefore, there is need for Nigerians to fight for themselves through public enlightenment processes and accountability by Nigerian officials.”

He said that campaign against money laundering and terrorist financing should also at the fore front of any political campaign as well as the on-going national conference.

Egypt bans dealings with countries with poor anti-money laundering laws

(KHARTOUM) – Egyptian banks are refusing to receive wire transfers from Sudanese and Libyan companies in line with instructions issued by the Central Bank of Egypt (CBoE).

The headquarters of the Central Bank of Egypt in the capital, Cairo (Photo: Reuters/Amr Abdallah Dalsh)

The CBoE decided to ban banking transactions with several Arab and African countries, including Qatar, Libya, Syria and Sudan, saying those countries are not committed to implementing anti-money laundering laws.

It also said there are suspicions that there are money transfers from those countries to civil and rights organisations inside Egypt and are being misused.

According to Egypt’s Al Youm Al Sabi’ daily newspaper, the Egyptian Chemical and Fertiliser Exports Council (CFEC) ,which is headed by Waleed Hilal, received complaints from several companies in the sector, saying they were negatively affected by the decision to ban banking transactions with those countries.

In a press statement on Wednesday, Hilal said that the companies are facing problems in receiving their dues from clients in some Arab countries due to CBoE instructions.

Gambia’s fight against money laundering marred by ‘key deficiencies’

Yahya Camara Gambia FIU Director and GIABA National Coorrespondent  (Photo Credit: LJahateh/GNJAML)

By Lamin Jahateh

There are numerous challenges both legal, technical and regulatory in Gambia’s efforts to combat the twin economic crimes of money laundering and terrorism financing (ML and TF), although it has registered modest gains in combating the menaces.

“There are key deficiencies (in the country’s fight against money laundering and terrorism) which remain outstanding,” said Mr Yahya Camara, the director of the recently established Financial Intelligence Unit (FIU) which is mandated to combat money laundering and terrorism financing in The Gambia.

Speaking at the commencement of a three-day workshop to develop a national strategy to combat money laundering and terrorism in The Gambia on Tuesday at Kairaba Beach Hotel, Mr Camara said some of key outstanding deficiencies include the country’s efforts to combat ML and TF include low investment in technology for Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) measures, and lack of adoption of appropriate internal control measures against ML and TF.

Gambia beef-up machineries to prevent money laundering

Hon Ousman Sonko, Minister of the Interior delivering the statement of Finance Minister Kebba Touray (Photo Credit: LJahateh/GNJAML)

The Gambia has made significant efforts at beefing up its machineries to combat the twin evils of money laundering and terrorism financing (ML and TF), the Minister of Finance and Economic Affairs, Kebba Touray, has said.

He said the capacity of the Financial Intelligence Unit has recently been strengthened with the recruitment of more dedicated staff, in addition to the staff of the Banking Supervision department, of the Central Bank, attached to the Unit.

FIU is one of the two institutions directly responsible for implementing anti-money laundering and combating terrorism financing measures in The Gambia.

GIABA Director says Gambia should quickly finalise national anti-money laundering strategy

Participants at workshop on National AML/CFT Strategy for Gambia which officials say will be a driving force for deepening the country's AML/CFT system (Photo: MSJoof/GNJAML)

By Modou S. Joof

The director general of the Inter-governmental action group against money laundering in West Africa (GIABA), Adama Coulibaly, has advised The Gambia to “quickly finalise” its national anti-money laundering and counter-financing terrorism (AML/CFT) strategy.

Gambia has chosen to develop a national strategy that will serve as a driving force for deepening of its AML/CFT system.

In a statement read on his behalf during an April 1-3 “stakeholders workshop to develop the strategy” at a local hotel in Kololi, The Gambia, Mr Coulibaly said the timing is auspicious as the second round of evaluations for GIABA member states is set to begin in the last quarter of 2015.

President Jammeh calls for concerted efforts to flush out terrorism

Gambian leader, Yahya Jammeh

The president of the Republic has called for concerted efforts to combat terrorism on the continent, condemning the current string of violence in Nigeria, meted out on innocent civilians by the group ‘Boko Haram’.

Speaking at the Banjul International Airport Friday evening upon his return from Nigeria where he took part in a human security summit as part of activities marking that country’s centenary, His Excellency Shiekh Prof. Alh. Dr. Yahya Jammeh lamented the myriad of proxy wars on the continent, noting that such could only retard progress.

“It has to be a concerted effort to fight terrorism,” he reiterated, calling on African leaders to work together and fight the common enemy – terrorism and other violent crimes.

The Gambian leader said it is his conviction that if everyone is committed to the fight against terrorism, there wouldn’t be any such menace in that they [terrorists] would not be safe anywhere to perpetuate acts of violence against innocent people.

“We the heads of states have realised that whatever group they are called in Nigeria, it is a criminal enterprise,” he remarked, questioning the wisdom of killing innocent people in the name of Islam. “So terrorism is not for one country to fight it, especially we in Africa given the porosity of our borders,” he told reporters.

Jammeh also condemned the fact that certain “crooks” are being used by outside forces in the name of religion or tribe to take on a government in a country that is rapidly developing. 

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.