Multinational - Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa


Project Summary

Approval Date 29 Jun 2022
Signature Date 28 Sep 2022
Planned Completion Date 30 Jun 2025
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 3,500,000
Status Implementation

Project General Description

The Capacity Development Project on Anti-Money Laundering and Combating the Financing of Terrorism in West Africa Transition States aims to contribute to resilience in the West Africa Region, through improved AML/CFT regimes and capacity development for west African transition states. The project is a multinational grant in response to the 2021Call-for-Proposals of the Transition Support Facility (TSF) Pillar III resources in the framework of the ADF-15. It is an Institutional Support Project to support GIABA in its interventions on AML/CFT for its transition member countries. This project will be implemented during a three-year period (2022-2024), for an overall cost of three and a half Million Unit of Accounts (UA 3.5 million). It will be implemented through the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)2, which was established in2000 by the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS)as a common response to the negative impact of money laundering, terrorist financing and other organized crime on the economic development and political stability of the West African Region. The project impact contribution will be to support the improvement of West African countries AML/CFT regimes for their compliance with international standards. It will be reached through countries’ successful implementation of AML/CFT national strategies, based on NRAs findings, as well as on capacity development of stakeholders from various sectors on AML/CFT.

Project Objectives

The overall goal of this project is to contribute to resilience in the West Africa Region through improved AML/CFT regimes and related capacity development for west African transition states. More specifically, the project will enhance the provision of the following support: (i) Effective and timely completion of AML/CFT National Risk Assessments (NRAs); (ii) Development of National AML/CFT strategies consistent with NRAs identified risks; (iii) capacity building for relevant public sector officials and reporting entities, private sector, the Media and CSOs; (iv) Development/enhancement of AML/CFT tools and manuals that considers regional peculiarities.

Beneficiaries

This project will support GIABA in the implementation of its work plan (2020-2023). It will principally target the nine following countries: Burkina Faso, The Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Sierra Leone, Togo, and Comoros. The country-based activities will be allocated based on country needs, assessed by GIABA in its planning documentation. More generally, the project will benefit the governments of West African Transition countries. Even though Comoros is not a West African Transition state, the project will also support AML/CFT activities in this country because Comoros is a member of GIABA and faces the same challenges described for the other transition states members of GIABA. Finally, AML/CFT frameworks and activities supported by the project will ensure less revenue losses for increased Domestic Resources Mobilization. Thus, we can also induce an indirect contribution of the project to an improved access to basic social services, including infrastructures for the population of the beneficiary countries.

Participating Organization

Funding
Fragile States Facility

Information

IATI identifier 46002-P-Z1-KF0-072
Last Update 05 Dec 2022

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Contact Details

Name EBAKISSE TSANGA Sandrine Ida
Email s.ebakisse@afdb.org

Geographic Location

Country Multinational