Criminals look for vulnerable sectors to launder their proceeds – Dr Shehu

GIABA DG Dr. Abdullahi Shehu says criminals are stepping-up their illicit actiities (Photo Credit: Modou S. Joof/2012)

Following the implementation of regional and national Anti-Money Laundering and Counter-financing of Terrorism (AML/CFT) measures with emphasis on financial institutions, criminals look for vulnerable sectors through which they could launder their proceeds, according to Dr. Abdullahi Shehu.

The Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) explain on Wednesday that one such vulnerable sector is the designated non-financial instititions, business professions (DNFBPs).

DNFBPs comprises of accountants, real estate agents, lawyers, notaries, and other independent legal profesionals, he said during a GIABA-organised training on the AML/CFT requirements for accountants in English-speaking West Africa from 11 to 12 September, 2013 in Banjul, The Gambia.

GIABA bring AML/CFT requirements to West African accountants in Banjul

Photo Credit: Modou S. Joof/2012

Anti-Money Laundering and Counter-financing of Terrorism (AML/CFT) requirements has been brought to the attention of accountants in English-speaking West Africa by GIABA.

The Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, is holding a training on the AML/CFT requirements from 11 to 12 September, 2013 in Banjul, The Gambia.

The Financial Action Task Force (FATF) revised standards place obligations on accounting professionals to adopt and implement AML/CFT measures, including risk assessment and application of the Risk-Based Approach to AML/CFT implementation, GIABA said.