WAMA’s DIRECTOR GENERAL, BOIMA S. KAMARA, GOOD WILL MESSAGE AT THE 43RD INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA (GIABA)

HELD AT KING FAHD HOTEL, DAKAR, SENEGAL MAY 15, 2025

Excellences, Mesdames et Messieurs, c’est un honneur pour moi d’avoir été invité par les dirigeants du GIABA à délivrer un message de bonne volonté à l’occasion de ces réunions statutaires opportunes du GIABA. Cette réunion se tient dans un contexte mondial en état d’alerte maximale en matière de lutte contre le blanchiment d’argent et le financement du terrorisme.

Excellencies, Distinguished Ladies and Gentlemen, it is an honor to be called upon by the leadership of GIABA to deliver a GOOD WILL Message at these auspicious statutory meetings of GIABA. The current setting of this gathering is situated in a global environment that is on high alert on tracking money laundering and terrorist financing.

According to the October 2023 IMF Review of its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy, concerns about financial integrity issues—including money laundering, terrorist financing, and proliferation financing (ML/TF/PF)—continue to pose a threat to our global community with consequences for the financial sectors and the broader economy. The impacts of financial crimes can be far-reaching including destabilizing flows, banking crises, and pressure on correspondent banking relationships (CBRs) and pose enormous financial stability and reputational risks for operators within the financial market. As we deliberate, the focus should revolve around newly found, creative ideas that strengthen the financial landscape against money laundering and terrorist financing predators; by extension illicit financial flows? My brothers and sisters of Member Countries of the ECOWAS Community, the onus is ours to help mitigate the harms of financial crimes and work collectively for a more peaceful and prosperous West Africa.

Excellencies, Distinguished Ladies and Gentlemen, the role of LARGE, CREDIBLE and RELIABLE DATA is key in the fight against ML/TF. In framing the matter at hand, let us see what picture is painted for clarity. The June 2023 publication of the United Nations Conference on Trade and Development (UNCTAD) indicated that Afghanistan, Bangladesh, Colombia, Ecuador, Maldives, Mexico, Myanmar, Nepal and Peru produced their respective First-Ever National Estimates Of Illicit Financial Flows(IFFs) related to drug trafficking, trafficking in persons and smuggling of migrants with the support of the UN Office on Drugs and Crime (UNODC). Note, no member country of our ECOWAS Bloc is on the list of countries with first-ever national estimates. Are we making efforts at producing our own NATIONAL ESTIMATES on ML, TF, and IFFs? You can only protect what you know. Can each Member State at this meeting present with certainty credible and reliable national data on ML, TF, and IFFS? IF YOU DON’T KNOW WHAT THE FINANCIAL SYSTEM IS UP AGAINST, YOU CAN’T PROTECT THE SYSTEM.

Nonetheless, special recognition to Ghana and Burkina Faso as countries among the pioneering nations including Gabon, Namibia, South Africa, and Zambia making efforts to measure tax and commercial IFFs and sharing preliminary results. IT IS IMPORTANT TO STATE THAT ML, TF, AND PF ARE THE TRUE DEFINITION AND FACES OF IFFS. IFFs can take many forms and use different channels and are therefore very difficult to track and estimate. But countries cannot afford to stand by and do nothing, as IFFs threaten sustainable development. They deprive countries of revenue to finance investments in critical programs such as education, health, gender inclusion and poverty eradication. Also, IFFs may fuel organized crime and corruption, thus undermining the rule of law and the functioning of institutions and the justice system. For example, in Africa, some countries with high IFFs spend on average 25% less on health and 58% less on education compared with countries with low IFFs, according to an earlier UNCTAD report.

“Such statistics are needed to shed light on the activities, sectors and channels most prone to illicit financial flows, pointing to where actions should be undertaken as a priority to curb these flows,” said Anu Peltola, who heads UNCTAD’s statistics work.

Excellencies, Distinguished Ladies and Gentlemen, in closing, let me underscore that ML, TF, PF and the global theme of IFFs can result from various illicit tax and commercial practices, illegal markets, corruption and exploitation, draining state revenues and fueling illegal activities.

Thanks for your attention. Merci pour votre attention. Obrigado pela sua aten͜çāo. Shalom