By Nnenna Eze

The Inter-Governmental Action Group against Money Laundering in West Africa, GIABA said it is set to enlighten stakeholders in the African economy on the need to ensure a stable financial sector and ensure a reduction in the vulnerability of the informal and designated non financial businesses and professions to money laundering and terrorist financing activities.

In a statement announcing its forthcoming regional training workshop on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) requirements for non-bank regulators and supervisors, scheduled to hold in Banjul, Gambia, from October 4th to 6th, 2011, GIABA said it intends to ensure the implementation of AML/CFT measures in member States and better supervisory and regulatory roles of Designated Non-Financial Businesses and Professions (DNFBPs) on money laundering and terrorist financing.

The statement noted that the three-day event is targeted at senior officials of competent authorities or institutions responsible for supervising and regulation of Designated Non-Financial Businesses and Professions (DNFBPs) towards ensuring their compliance with requirements to combat money laundering and terrorist financing in the region.

The objectives of the workshop, according to GIABA, is to improve participants understanding of their roles as enunciated by the Financial Action Task Force, FATF 40+9 Recommendations, and in particular, Recommendations 24.

The statement added that the workshop will be delivered by a team of experienced experts and practitioners from the West Africa region and Development Partners, including GIABA faculty through plenary presentations, case studies, experience sharing and syndicate group exercise.

In the statement, GIABA said, “The workshop will cover presentations on risk based approach to AML/CFT compliance supervision, role and responsibilities of the Financial Intelligent Unit, Overview of FATF 40 + 9 Recommendations, requirements and responsibilities of reporting entities; Compliance officers within DNFBPs; Inter-agency cooperation between the regulators and DNFBPs and utilization outcomes of GIABA Money