• Monday, May 27, 2024
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AfDB commits $5m to fight terrorism financing in West Africa

AfDB commits $5m to fight terrorism financing in West Africa

The African Development Bank and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) have launched a three-year support project to combat money laundering and terrorism financing in their member countries.

The project, titled ‘Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition,’ will be backed by a $5 million grant from the African Development Bank Group.

Finance for the project will be through a grant from the Transition Support Facility of the African Development Bank to the tune of 3.5 million UA (about $5 million), which will enable the project to contribute to resilience in the West African region by improving anti-money laundering/terrorism financing regimes and develop the capacity of GIABA member states, with a particular focus on countries in transition.

A statement from the AfDB revealed that the grant will complement its strategic and operational engagements at national and regional levels. It also aligns with its policy and action plan on preventing illicit financial flows and its strategy for economic governance in Africa.

Mohamed Cherif, African Development Bank Country Manager for Senegal, commended the long-standing collaboration between GIABA and AfDB, including training sessions for its member countries and technical assistance.

Edwin Harris, Jr., the GIABA director, said, “It comes at a pertinent time, to support the implementation of GIABA’s ongoing Strategic plan for 2023 – 2027 and to contribute to effective interventions on anti-money laundering and terrorism financing regimes in its member countries.”