NGOs fingered as source of terrorism financing

The Non-Profit Organisations (NPOs) and the Non-Governmental Organisations (NGOs) have been identified as sources of terrorism financing in West Africa. This was disclosed during a One-Day National Sensitization Training On Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) for Journalists organised by the Inter- Governmental Action Group Against Money Laundering In West Africa (GIABA).

Buno Nduka, director of program and project, GIABA, who spoke at the seminar was concerned that this sector which he believed is being used to finance terrorism is not being regulated. He saw the need for regulators and decision makers to regulate and monitor the activities of NGOs for terrorism financing in the sub-region.

In his address, Adama Coulibaly, director general of GIABA who was represented by Nduka noted that Money Laundering (ML) and Financing of Terrorist (TF) severely undermine sustainable development by eroding social and human capital, threatening social and political stability, causing an artificial rise in the cost of business, and driving away investment.

It is in recognistion of this that GIABA, in its efforts to ensure the involvement of all stakeholders in the fight against money laundering and terrorist financing in West Africa that it engaged the media executives in an interactive session aimed to sensitise information managers to their responsibilities and obligations under the AML/CFT regime towards fostering and strengthening partnership between GIABA and the media in the fight against transnational organized crimes in particular ML and FT in the region.

The theme covered at this year’s seminar are, An Overview of AML/CFT framework: The Role of GIABA as a Regional Initiative, Methodology and Techniques of Investigative Journalism: The case of ML/TF, The role of the media in combating financial crime: The Case of ML/TF.