GIABA talks money laundering at FBC…

During the Open House one day Forum organized by GIABA at FBC, Timothy Malaye from GIABA Secretariat spoke on GIABA’s role in fighting money laundering. He told students and others present that this fight has been very difficult and this is the reason why they have brought the ideas to them the students to help. He said Money laundering and the financing of terrorism are financial crimes with economic effects. “Money laundering requires an underlying, primary, profit-making crime (such as corruption, drug trafficking, market manipulation, fraud, tax evasion), along with the intent to conceal the proceeds of the crime or to further the criminal enterprise.” These activities he said generate financial flows that involve the diversion of resources away from economically- and socially-productive uses—and these diversions can have negative impacts on the financial sector and external stability of member states. They also have a corrosive, corrupting effect on society and the economic system as a whole” “Because of the negative consequences of these forms of financial abuses on our members’ economies and financial systems, GIABA has been very active for over ten years in the AML/CFT area. AML/CFT controls, when effectively implemented, mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.” Explaining about Anti money laundering and Combating the Financing of Terrorism (AML/CFT), he said  Criminal activities, such as drug trafficking, smuggling, human trafficking, corruption and others, tend to generate large amounts of profits for the individuals or groups carrying out the criminal act.

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