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The Minister responsible for Finance and Economic Planning in Ghana, Mr. Ken Ofori-Atta has admonished leaders within the Economic Community of West African States (ECOWAS) region to hold stronger hands in order to control the hazard related to money laundering, hi-tech financial crimes, and terrorist financing.

As indicated by him, “tax evasion, fear-monger financing and the expansion of weapons of mass destruction (ML/TF&P) keep on presenting colossal dangers to the worldwide monetary frameworks, harmony and financial turn of events”.

He was speaking at the official opening of the 36th GIABA Technical Commission/Plenary and 24th Ministerial Committee Meeting on Thursday at the Movenpick Ambassador Hotel in Accra, Mr. Ken Ofori-Atta bemoaned with regards to how this peculiarity is supported by a few variables including the presence of enormous and casual money-based economies, powerless and permeable lines, political flimsiness, ethnic brutality, debasement, destitution, and joblessness.

The meeting is under the auspices of the Right Hon. Director-General of GIABA (DG), Justice Kimelabalou ABA.

Mr. Ofori-Atta told the ECOWAS gathering that now is the ideal opportunity for cooperative work to battle tax evasion and illegal intimidation by hungry criminals.

“… With the West African Sub-area not being left free as a bird, at present being a significant district of concern in regards to fear-based oppressor financing and its exercises, you will all concur with me that there is the need to fortify joint effort among part States to check this danger with all its related predicate offenses.”

He added; “We should emerge and give inventive and aggregate preventive estimates which adjust to the developing dangers, construct versatility, and at last forestall the following security and philanthropic debacle. Besides, we should invest each energy to distinguish wellsprings of assets for fear-monger gatherings, freeze them, and utilize each legitimate means to guarantee they at absolutely no point gain admittance to the assets in the future.

“Individual members, I accept there could be no greater opportunity to act than now.”

Mr. Ofori-Atta further rested trust in GIABA as a specific foundation of the ECOWAS liable for reinforcing the limit of part States towards combatting illegal tax avoidance and fear-monger financing in the West African sub-district.

He focused on that Ghana has no question GIABA will keep on offering specialized help for its individuals regardless of the various difficulties confronting them.

“Likewise, as part states, we will revitalize behind GIABA and give it all the required help to execute the Effectiveness Improvement Action Plan to fortify GIABA in following through on their order,”

Ken Ofori-Atta added while expressing gratitude toward the GIABA Secretariat, Technical Commission, and all Working Groups including Committees who worked diligently to design the Plenary gathering in Ghana.

The GIABA Plenary is an assembly of experts, including representatives of Member States (MS), development partners, and observers in the fight against money laundering (ML) and terrorist financing (TF), who meet twice yearly to share their experiences with respect to the challenges they face in implementing effective Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) measures.

Plenary meetings are GIABA Statutory meetings, thus an integral part of efforts to ensure MS’ compliance with AML/CFT standards and to foster regional peace, security, prosperity, and integration in the ECOWAS region. A key feature during the meetings is the consideration and approval of the follow-up reports of the mutual evaluation (ME) of member States’ level of compliance with the FATF 40 Recommendations on AML/CFT.