Economic
and financial crime distorts values and standards and creates injustice, and in
whatever form it is manifested, it is often motivated by human greed, Dr. Abdulahi
Shehu Yibaikwal, GIABA Director General said on
Tuesday.
He
was speaking at a book presentation on "Strategies and Techniques of
Prosecuting Economic and Financial Crimes" organised by
the Inter-Governmental Action Group against Money laundering in West Africa (GIABA)
on June 5, 2012 in
the Nigerian capital Abuja.
GIABA,
West Africa’s leading antimony laundering and terrorism financing agency is mandated
to promote the rule of law. One of its priorities is to assist member states to
enact legislation of acceptable international standard, and with its active
prodding and guidance, all member states have promulgated laws criminalising
money laundering.
On
Tuesday, Dr. Shehu said the proceeds of crime provide the means by which new
stages of organized crime can be financed.
“Illicit
assets are used to bribe officials and to impede effective criminal justice,”
said Dr. Shehu, who added that “When organised crime applies its true financial
muscle, the proper functioning of the socio-economic and political systems can be
impaired.”
This,
he argues, denies legitimate businesses free and fair competition. He said economic and
financial crimes, manifested in various dimensions and with harmful effects,
are evils which threaten the foundations of any civilized society and must be
eliminated.
Dr. Shehu also look into the future, and conclude that “We
can only be certain of one thing - there will continue to be changes in the
conditions and circumstances which form the context in which we fight economic
and financial crimes within the rule of law.”
But for the crusade to remain effective, he stressed that we
must strengthen the capacities of investigators, prosecutors and also judges to
adapt appropriately, to take into account these changes.
GIABA’s technical assistance programme consisting of
provisions of legal advisory services, training for investigators and
prosecutors, as well as capacity building programmes for judges, will continue
to target the specific areas.
“…areas that we can make the maximum impact in our regional
fight against organized crime, in particular the laundering of the proceeds of
crime and the financing of terrorism,” according to its director general,” Dr.
Abdulahi Shehu.
During an April
2012
Interactive Session
for Media Executives and Journalists in West Africa, held in the Senegalese
capital, Dakar, GIABA urged
journalists to team up with
other agencies involved in the fight against money laundering and terrorism
financing in order to step-up against fight financial and related crimes.
Both
journalists and other agencies should collectively ensure that appropriate
measures are taken against the twin crimes in a more harmonized and concerted
manner, it said in a communiqué.
Written by Modou S. Joof
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