From Juliana Taiwo-Obalonye, Abuja

An all-day Public-Private Sectors Consultative Forum will be held on November 26, 2022, at the Palm Beach Hotel in Saly, Senegal, by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

A statement from GIABA secretariat stated that the theme of the one – day forum tagged “Cooperation and Collaboration in the implementation of AML/CFT measures in GIABA member States” aims to strengthen public-private partnerships in implementing AML/CFT measures in the region.

Specifically, the objectives of the programme include providing a platform for; sharing experiences on public-private partnerships in implementing AML/CFT measures from other regions; discussing benefits that the partnership can bring to the next level of effectiveness. The challenges of public-private sector cooperation and proffer solutions to facilitate the shared responsibility of effectively implementing AML/CFT measures in the region.

The secretariat explained that the theme is aimed at galvanising support for the development of PPP across member States to tackle economic crime more effectively.

“The programme is targeted at Directors of Operations of law enforcement agencies (LEAs) with primary responsibility for investigating money laundering and terrorist financing (ML/TF), Directors in charge of anti-money laundering and combating the financing of terrorism (AML/CFT) supervision/compliance from regulatory authorities, Heads of Financial Intelligence Unit, Executives of the Compliance Officers Forum of GIABA member States and select critical operators in the private sector.

“Combating money laundering and terrorist financing requires a coordinated approach from all critical stakeholders, especially supervisors, law enforcement agencies, FIUs, and private sector operators in the AML/CFT ecosystem. The potential values or benefits of public-private cooperation in AML/CFT are enormous – this is a crucial first step in delivering operational benefits and efficiency gains. It also provides a framework to build relationships and dialogue between stakeholders to help coordinate and catalyse coherent reform of the broader financial crime risk management system.

“Despite the significant progress made in developing public-private cooperation or partnerships in some regions, there is still a lot to do to fully realise its potential in our region. Hence, the need to organise this Forum to discuss the challenges and realities on the ground and how to promote the establishment of public-private partnerships (PPP) across our member States”, the statement read.

In order to help coordinate the implementation of AML/CFT measures in the GIABA member State, strong partnerships, collaboration, and conversation between stakeholders will be develop at the conclusion of the Programme.

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Source: news