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Annual Report 2009

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Annual Report 2009 GIABA ANNUAL REPORT 2009 1 CONTENTS ACKNOWLEDGEMENT ......................................................................................................... 5 ABBREVIATIONS .................................................................................................................... 7 LIST OF TABLES.............................................................................................................................. 10 FOREWORD ........................................................................................................................... 11 CHAPTER 1 ............................................................................................................................. 13 INTRODUCTION .................................................................................................................... 13 GIABA’s mandate .................................................................................................................... 14 Membership of GIABA ............................................................................................................ 15 The Main Organs of GIABA .................................................................................................... 16 Priorities for Technical Assistance ........................................................................................... 17 Implementation of the Action Plan in 2009 ............................................................................. 18 Summary .................................................................................................................................. 20 CHAPTER 2 ............................................................................................................................. 22 OVERVIEW OF THE AML/CFT SITUATION IN WEST AFRICA .................................... 22 Introduction .............................................................................................................................. 22 Benin ...................................................................................................................................................... 23 Burkina Faso .......................................................................................................................................... 34 The Gambia ........................................................................................................................................... 61 Ghana .................................................................................................................................................... 69 Guinea ................................................................................................................................................... 79 Guinea‐Bissau ........................................................................................................................................ 84 Liberia .................................................................................................................................................... 93 Niger .................................................................................................................................................... 103 Nigeria ................................................................................................................................................. 108 2 Senegal ................................................................................................................................................ 122 Sierra Leone ......................................................................................................................................... 131 Togo ..................................................................................................................................................... 139 CHAPTER 3 ........................................................................................................................... 143 COUNTRY ASSESSMENTS ................................................................................................ 143 Enactment/upgrading of AML/CFT Legislation in GIABA Member States ......................... 162 Progress towards Enacting and Reviewing CFT Legislation ................................................. 163 CHAPTER 4 ........................................................................................................................... 165 TYPOLOGIES, STUDIES AND PROJECTS ....................................................................... 165 Research Studies and Projects ................................................................................................ 168 Risks and threat assessment of ML/FT in West Africa .......................................................... 168 Study on the impact of the informal sector on AML/CFT in the UEMOA zone ................... 170 The Corruption–Money Laundering Nexus in West Africa ................................................... 171 CHAPTER 5 ........................................................................................................................... 176 TECHNICAL ASSISTANCE TO MEMBER STATES ........................................................ 176 Regional AML/CFT Training/Capacity Enhancement Programs .......................................... 195 CHAPTER 6 ........................................................................................................................... 210 REGIONAL INTEGRATION AND INTERNATIONAL COOPERATION ....................... 210 GIABA Plenary Meetings ...................................................................................................... 211 FATF Activities ...................................................................................................................... 212 ECOWAS Activities .............................................................................................................. 215 Annual Egmont Group Meeting ............................................................................................. 219 CHAPTER 7 ........................................................................................................................... 226 ADMINISTRATIVE AND SUPPORT SERVICES .............................................................. 226 Organizational Structure ........................................................................................................ 226 New GIABA Premises ........................................................................................................... 227 Staff Retreat and Other Social Activities ............................................................................... 228 3 Staff Training Program ........................................................................................................... 229 Administrative and Financial Management ........................................................................... 230 Information and Communication Technology (ICT) ............................................................. 231 Other Activities ...................................................................................................................... 232 CHAPTER 8 ........................................................................................................................... 234 CHALLENGES AND PRIORITIES FOR 2010 .................................................................... 234 Challenges in Implementing AML/CFT in West Africa ........................................................ 235 Priorities for 2010 ................................................................................................................... 236 Appendix A – GIABA 2010 Work Plan .................................................................................................. 239 Appendix B: The Status of GIABA Member States’ Ratification and Domestication of AML/CFT/Drugs and Crime Conventions ....................................................................................................................... 245 4 ACKNOWLEDGEMENT For the most part, this report is based on the various activities undertaken by the Inter- Governmental Action Group against Money Laundering in West Africa (GIABA) in 2009. The report shows an overall program execution rate of about 94% at the end of the year concluding GIABA’s strategic Plan for 2007–2009. Other important accomplishments include the support to Member States to amend and strengthen their anti-money laundering legislation to conform to acceptable international standards and enact stand-alone legislation against the financing of terrorism; the ongoing establishment of the regional network of FIUs and the related AML/CFT Committees in many Member States; the production and distribution of materials for sensitization campaigns; and the consistent implementation of the mutual evaluation calendar and the adoption and publication of four additional Mutual Evaluation Reports. Many other issues were addressed and resolved, while new projects were launched. It has indeed been an engaging and challenging year in so many respects. However, this was complemented by additional human resource. This fourth comprehensive Annual Report was prepared by the staff members of GIABA. Since it is a product of teamwork, all contributions are hereby acknowledged and commended. This report was also made possible through the contributions of many of our stakeholders and partners. First and foremost, special
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