The Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, on Monday, sought for a new approach to tackle corruption in West Africa as it sought stiffer sanctions against corrupt leaders in countries within the region.
GIABA is a specialised institution of the Economic Community of West African States, ECOWAS, responsible for facilitating the adoption and implementation of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) strategies in West Africa, further called for the adoption of a new approach in the fight against corruption in West Africa.
It maintained that existing anti-corruption strategies in most ECOWAS member states “are weak and/or incomprehensive.”
The regional body, through its Director-General, Edwin Harris Jr, made its position known at the opening ceremony of stakeholders workshop on the outcome of GIABA’s typologies study on money laundering and terrorist financing risks linked to corruption in West Africa, which was held in Abuja on Monday.
It said: “Based on our work, we have identified that corruption thrives on three key elements – people, power and resources that can be exploited or the gain to be made.
“We need innovative approaches and interventions that will target each of these key elements in a very comprehensive and collaborative manner.
“We need to ensure that only people of integrity have access to public resources; We need to ensure that powers of individuals and offices are checked without constraining their ability to exercise it in a fair and just manner; and, we need to ring-face public resources to ensure that only people with good reasons have access to them, with full regard to due process.”
Continuing, the GIABA boss, whose speech was read by the organization’s Director of Policy & Research, Muazu Umaru, said: “Corruption is now the number one impediment to the development of our region and the African continent in general.
“While progress is being made by a number of countries, this is still not commensurate with the level of corruption prevailing in our countries.
“Corruption has become a wicked problem for the African continent – it is hydra-headed. Corruption has taken deep roots in our societies and has become systematic, permeating all sectors of the economy despite all the efforts being made to counter it by different governments and other factors.
“On a broader scope, tackling corruption in a sustainable manner will require a global rethink of economic justice. The 21st-century economy is not working for the majority – it is an economy of the minority, by the majority for the minority.
“This is the root cause of many social problems in our societies today, including corruption and violent extremism.
“Humanity is at crossroads between two contending forces – market-driven economies infested with corruption as against humanity driven economy filled with compassion.
“Our societies are now divided into three blocks, living side-by-side – those who have, those who don’t have and those who simply don’t know where they belong, but the struggle continues – we live in societies where donkey-driven carts are competing for the right of way with the latest models of electric and driverless vehicles.
“Periods of economic hardships are the boom time for corruption and it does not matter how much we fight it.”
The body equally stressed the need for countries within the ECOWAS region to put in place an independent accountability mechanism for law enforcement.
“Such a mechanism should have powers to conduct periodic inspections, receive and review periodic reports and complaints from citizens. Such a body and its membership should have a parliamentary guarantee to insulate it from political or any type of interference.
“The new approaches must also be anchored on transparency, public accountability and effective, proportionate and dissuasive sanctions against anyone and everyone that is found to be corrupt.
“Let us aim at treating the disease instead of the symptoms. We can do it if we commit to it,” GIABA added.
Meanwhile, in his goodwill message, the Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulkarim Chukkol, while commending GIABA, said it was unfortunate that Nigeria was placed on the grey list of the Financial Action Task Force, owing to unaddressed vulnerabilities in its anti-money laundering framework.
“I need not overemphasize the fact that Nigeria’s presence on the grey list represents a huge setback in our Nation’s efforts at tackling issues bordering on money laundering and the fight against corruption.
“But I am encouraged by our resolve to consider the grey list as a challenge for greater commitment to reform the Nation’s Anti-Money Laundering and Counter Financing of Terrorism framework with a view to not only exiting the Financial Action Task Force’s grey list within the shortest time possible but ensuring sustainable anti-money laundering activities in Nigeria.
“For us in the EFCC, while we have never taken our eyes off the ball, there is a greater commitment now more than at any other time, to aggressively enforce and harness the potentials of the new money laundering, proceeds of crime and terrorism financing laws.
“We are also willing to peer review and share experiences with other anti-corruption agencies in the region.
“Finally, I want to assure you that you can count on the support of the EFCC in actualizing whatever recommendations that may be adopted after this critical review session,” the Acting EFCC Chairman added.
Earlier in her remarks, the Solicitor-General of the Federation, SGF, and Permanent Secretary, Federal Ministry of Justice, Beatrice Jedy-Agba, assured the regional body that Nigeria would intensify its war against corruption.
The SGF, who was represented by the Assistant Director (Legal), Federal Ministry of Justice, Habibat Eluameh, while identifying corruption as a major problem that is bedevilling the West African region, noted that Nigeria had in the past, “taken series of far-reaching steps to combat corruption.”
She said some of the steps included the extension of the National Anti-corruption Action Plan & Strategy, from 2022 to 2026, as well as the enactment of the Anti-Money Laundering Act.
The SGF said the Federal Government of Nigeria was committed to ensuring the effective recovery and management of proceeds of crime.
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