By Ken Ibenne
The African Development Bank Group will provide a $5 million grant to support the initiative, which is titled “Capacity Development for Anti-Money Laundering and Countering the Financing of Terrorism in GIABA Member States in Transition.”
The project will be funded in part by a grant of 3.5 million UA (roughly $5 million) from the African Development Bank’s Transition Support Facility. This will allow the project to strengthen anti-money laundering and counterterrorism financing regimes in West Africa and build the capacity of GIABA member states, with a focus on transitioning nations.
The AfDB said in a statement that the award will support its operational and strategic initiatives at the national and regional levels. It also fits with its goal for economic governance in Africa as well as its policy and action plan on stopping illicit financial flows.
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Senegalese African Development Bank Country Manager Mohamed Cherif praised the long-standing partnership between GIABA and AfDB, which includes technical support and training sessions for member nations.
The director of GIABA, Edwin Harris Jr., stated, “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.”
