The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will conduct a Regional Conference on Combating Money Laundering in the Maritime Sector in Freetown, Republic of Sierra Leone, from October 24 to October 26.
The program aims to strengthen the ability of law enforcement officials regarding financial crime analysis, as well as techniques for conducting such analysis.
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It will also focus on advancing the understanding of participants on the concept, approach and methodology for effective investigation of maritime piracy and trade-based money laundering (TBML) supervision.
In addition, the conference aspires to improve the capacity of raising a pool of law enforcement officials in member states able of analysing the relevant tools in identifying TBML and investigation of maritime piracy.
A number of specific money laundering examples will also be discussed, involving illicit trafficking in drugs, illicit trafficking in stolen or other goods, corruption and bribery, fraud, counterfeiting/piracy of products and smuggling.
What is more, the Financial Action task Force (FATF) recognised the incorrect use of the trade system as one of the main reasons why criminal organisations and terrorist financiers move money for money laundering.
At the end of the conference, it is expected that there would be enhanced money laundering analysis in maritime sector of member states, improvement in compliance level of financial and maritime institutions, and less incidences of money laundering and terrorist financing in maritime.
In the long run, it is expected that the programme would boost security in the Gulf of Guinea against maritime threats, reduce illegitimate trade and establish a solid financial system.
