Timothy Melaye, Ag. Head of Communication and Advocacy, Intergovernmental Action Group against Money Laundering, GIABA, says money laundering in West Africa has reduced.
Mr Melaye, who also is the Head of the Nigerian Office, GIABA, made this known in an interview with the News Agency of Nigeria on Tuesday in Cotonou, Benin.
He said that with the creation of awareness on money laundering and terrorism financing, more people were now conversant with the crime.
”Cumulatively, we will say that there is a lot of reduction, based on the reports that we are receiving from member countries.
”Today, because of the level of awareness and engagement, if you want to buy a house and your salary does not correspond, then the person who is selling the house, has the responsibility, as a real estate agent, to file a report.
”Also, the bank has the responsibility to file suspicious transaction reports, and that report will commit the law enforcement to investigate.
”So because of all these measures, we have seen a drastic reduction in money laundering and terrorism financing activities,” he said.
He noted that GIABA was however discovering the new ways the criminals were operating with a view to creating new measures to combat the risks.
”Now GIABA has put measures in the airports, in the seaport, in all exits, to show that when you are going out of the country with currencies, you have to declare the currencies.
”They (criminals) are creating new ways and GIABA is also creating new measures, but overall, because of the level of awareness, level of engagement, and level of deterrence of activities going on.
”So we are now observing reduction in one way or the other,” he added.
Melaye also said that GIABA was committed to carrying out several researches to inform the different law enforcement agencies of its activities.
“GIABA is committed to, and is carrying out several restored researches. We now have typologies which we call research and those researches come with findings, and those findings create knowledge.
”This knowledge is what the group shares with all law enforcement agencies so they have an understanding of different ways through which these activities are carried out.
”The first foundation is for GIABA to create awareness, carry out researches, identify the trends, and share this knowledge with all countries, so that the law enforcement agencies can know.” he explained.
NAN
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