West Africa unites against money laundering: The African Development Bank (AfDB) and the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) launch a major offensive.

West Africa mobilizes to counter money laundering and the financing of terrorism (AML/CFT).

AfDB and GIABA are launching an ambitious three-year initiative with a budget of $5 million. This joint effort aims to strengthen the capacities of GIABA member countries to combat these scourges that threaten the security and stability of the region.

By vigorously tackling ML/TF, the AfDB-GIABA initiative will contribute to several objectives. It will help combat terrorism and organized crime by drying up their sources of funding, thereby reducing their capacity to cause harm. In addition, it will promote economic stability by cleaning up the financial environment and encouraging legitimate investments. Finally, a healthier and more transparent economic environment will stimulate job creation and business growth.

This joint offensive builds on the long-standing collaboration between the AfDB, a leading financial institution, and GIABA, a regional organization specializing in the fight against AML/CFT. The AfDB provides its expertise and financial resources, while GIABA contributes its experience and network of contacts. This strong partnership is a guarantee of success for this crucial project.

West Africa is sending a clear message: it is determined to eradicate the scourge of ML/TF and build a safer and more prosperous region for all.