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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.
The process of globalization and
advancement in modern technology have made West Africa to be more vulnerable to
the threats of terrorism and money laundering than any other region of the world.
Nigeria, Kenya and some African countries have witnessed the scorch of
terrorism: Resources from organized crimes through money laundering have
sustained this menace thus the need for a fight against money laundering and
terrorist financing. Globalization has resulted in the need for international
organization and regional bodies to broaden their focus beyond state - based
security threats to encompass, those emanating from non-state perpetrators1.
Transnational organized crime is one
of the major threats to international peace and security. Thus, money
laundering and terrorist financing form part of the threat. While money
laundering (ML) is a derivative crime, financing of terrorism (FT) is a
'reversed' form of money laundering as it may involve both legitimate and illegitimate
wealth2. These menaces are detrimental to peace and security, and could
undermine the overall development of society. This is why concerted global
efforts to eradicate these phenomena are gaining momentum.
Also, technological advancement, in
tandem with globalization, has changed the economic and political landscape of
the planet. Organized criminals take advantage of the powerful instruments of
technology and globalization to perpetrate their unwholesome activities with
relative impunity. While criminals respect no territorial boundaries, law
enforcement must act within the ambit of the law to counter the activities of
criminals. Given the difficulties in responding rapidly to the threat of
transnational organized crime, law enforcement, even in the most advanced
countries, always seems to be a step behind the complex modus operadi of
criminals. Consequently, no nation can effectively tackle the menace of
transnational organized crime in isolation. It should be noted at the outset
that criminals usually explore and exploit the socioeconomic conditions of
societies, in particular taking advantage of the weak links in regulation and
enforcement, such as inadequate legislation and opportunities to corrupt.3 The
September 11, 2001 terrorist attacks on the United States of America
accelerated this paradigm shift and provoked global efforts to address
international terrorism. An important element of such efforts is the United
Nations Security Council Resolution (UNSCR) 1373 of 2001, which was adopted
subsequent to these attacks principally sought to combat acts of terrorism by
placing barriers on movement, organization and funding of terrorist groups4. In
effort to compliment the United Nation Security Council Resolution 2001 in
combating money laundering and terrorism financing in West African Region GIABA
was created. The inter-Governmental Action Group Against Money Laundering in
West Africa (GIABA) is a specialized institution of the Economic Community of
West Africa States (ECOWAS), as well as a Financial Action task force (FATF)
style Regional Body (FSRB)5.
TOPIC: THE ROLE OF INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING AND TERRORIST FINANCING IN WEST AFRICA
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 85
Price: 3000 NGN
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