TABLE OF CONTENTS
Title page
Abstract
Abbreviations
Table of Statutes
Table of Cases
Table of Contents
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Aim and Objectives
1.4 Scope of the Study
1.5 Research Methodology
1.6 Literature Review
1.7 Justification of the Study
1.8 Organizational Layout
CHAPTER TWO
DEFINITION OF ML/TF, EVOLUTION AND DEVELOPMENT OF GIABA
2.1 Introduction
2.1.1 Definition of Terms and Meaning of Money Laundering and Terrorism Financing
2.2 Mandate of the Inter-governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA)
2.3 The Organs of the Inter-governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA)
2.3.1 Ad Hoc Ministerial Committee
2.3.2 Administrative Secretariat
2.3.3 Technical Commission
2.4 Penalties for non-fulfillment of obligation by member States
2.5 Withdrawal of Membership
2.6 An Overview of the Status of GIABA Members States on AML/CTF
2.6.1 Benin Republic
2.6.2 Republic of Bulkina Faso
2.6.3 Republic of Cape Verde
2.6.4 Republic of Cote d'lvoire
2.6.5 Republic of The Gambia
2.6.6 Republic of Ghana
2.6.7 Republic of Guinea
2.6.8 Republic of Guinea Bissau
2.6.9 Republic of Liberian
2.6.10 Republic of Mali
2.6.11 Republic of Niger
2.6.12 Federal Republic of Nigeria
2.6.13 Republic of Senegal
2.6.14 Republic of Sierra Leone
2.6.15 Togolese Republic
CHAPTER THREE
THE LEGAL AND INSTITUTIONAL FRAMEWORK FOR COMBATING MONEY LAUNDERING AND TERRORISM FINANCING
3.1 Introduction
3.2 FATF Recommendation/Standard
3.2.1 Caribbean Financial Action Task Force
3.2.2 East and South African Anti-Money Laundering Group
3.2.3 Financial Action Task Force on Money Laundering in South America
3.3 The 1988 Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances also referred to as the Vienna Convention
3.4 The United Nations Convention against Transnational Organized Crime (Palermo Convention), 2000
3.5 United Nation Security Council Resolution, 1373 of 2001
3.6 GIABA Statutes and ECOWAS Member States
3.7 Money Laundering (Prohibition) Act, 2011 and Terrorism (Prevention) (Amendment) Act, 2013
3.8 ECOWAS Criminal Intelligence and Investigation Bureau
3.8.1 Objectives and Functions of CIIB
3.9 ECOWAS Community Court of Justice
3.9.1 Establishment of the ECOWAS Community Court of Justice
3.9.2 Jurisdiction of the Court
3.9.3 Procedure and Practice of the Court
3.9.4 Judgment of the Court
3.9.5 Enforcement of the Decision of the Court
CHAPTER FOUR
THE ROLE OF GIABA IN COMBATING MONEY LAUNDERING AND TERRORIST FINANCING
4.1 Introduction
4.2 Technical Assistance
4.2.1 Technical Assistance Needs Assessment (TANA)
4.2.2 GIABA Technical Assistance for the Establishment of FIU's
4.3Self Assessment and Mutual Evaluation
43.1 Enactment of AML and CFT Laws
4.4 Implementation of Measures
4.5Typologies Exercise
4.5.1 GIABA Topologist Report on Money Laundering through the Real Estate Sector
4.5.2 Cash based Transactions and Cash Couriers
4.5.2.1 GIABA Typology Report on Cash Transactions and Cash Couriers in West Africa
4.5.3 Results of the Exercise based on Respondents Feedback
4.5.4 Case Examples in the use of cash in transactions in West Africa Bulk Cash Movements and use of Cross-Borders and Cash Couriers
4.5.5 Money Laundering through Bureau de Change and other informal changers
4.5.6 Vulnerabilities of West Africa to Money Laundering and Terrorist Financing from Cash-Based Transaction and Cash Couriers
4.5.7 Conclusion of Typology Exercise
4.6 Challenges of GIABA
CHAPTER FIVE
SUMMARY, CONCLUSION, FINDINGS AND RECOMMENDATIONS
5.1 Summary
5.2 Findings
5.3 Recommendations
BIBLIOGRAPHY
ABSTRACT
The ECOWAS Inter-Governmental Action Group Against Money Laundering and Terrorist Financing in West African (GIABA) is a specialized institution of ECOWAS with a mandate to develop anti-money laundering and counter financing of terrorism measures, as well as a Financial Action Task Force Style of Regional Body (FSRB) with its headquarters in Dakar, Republic of Senegal. Its mandate is to develop anti-money laundering and counter terrorism financing (AML/CTF) measures, and to coordinate regional efforts to combat money laundering (ML) and terrorist financing (TF). Its membership consists of all member states of the ECOWAS. As such it is a regional intergovernmental body which supports the work of the United Nations (UN) in preventing, detecting, deterring and suppressing terrorism, particularly its financing Money Laundering and Terrorist Financing undermine development by eroding Social and Human Capital, affecting Social and Political Stability, causing artificial rise in the cost of business, and thus driving away business and investment and undermining the ability of the states to accelerate development. A society that is infested with terrorism and money laundering is bound to be lawless or order less, and anarchy, will thus, set in thereby rendering the society undeveloped politically and economically. The research examined how far and successful has GIABA achieved its mandate of combating money laundering and terrorist financing in West Africa. The research also analyzed the problems and challenges being encountered by GIABA in the discharge of its mandate and made some findings and offered suggestions on the best ways to enhance the discharge of GIABA‘s function. The methodology adopted is the Doctrinal and Empirical methods. The major findings of the research inter alia that member state of ECOWAS are not represented in FATF, that GIABA is not a law enforcement institutions, even though it is charged with the onerous responsibility of coordinating regional efforts around law enforcement problem; and also GIABA is faced with both institutional and legal problems, i.e. with regards to its mandate, it is only given the power of advice to member states and cannot enforce or investigate any allegation of money laundering or terrorist financing. It is recommended that FATF should consider at least one potential country in West Africa for FATF membership, otherwise, GIABA should amend its Article 2(c) of the 2006 Statute to withdraw as the FATF Styled Regional Body and also stop promoting FATF norms and values more especially FATF 40+9 Recommendations, the research also recommended that GIABA Statute, 2006 to be amended more especially Article 2(b) to provide it with an organ like police or law enforcement agency in performing it day-to-day activities under it mandate; and also recommended that GIABA Statutes, 2006 to be amended to provide it with both coercive and supervisory powers to all the 15 member states on cases of money laundering and terrorist financing.
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background of the Study
Money laundering and terrorist financing undermine development by eroding social and human capital, affecting social and political stability, causing artificial rise in the cost of business, and thus driving away business and investment and undermining the ability of the states to accelerate development. A State or Society that is infested with Terrorism and Money laundering is bound to be lawless or order less, and anarchy, will thus, set in thereby rendering the society undeveloped politically and economically.
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