Who is the head of Giaba?

Who is the head of Giaba?

The Director General of GIABA, Dr Abdullahi Shehu, presents a paper titled ‘Promoting Financial Inclusion for Effective Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations in West Africa’at the Regional Conference on Post-Crisis Economic Reforms.

What does Giaba mean?

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) was established on 10 December 1999 by the Authority of Heads of State and Government of the ECOWAS.

What are FATF 40 recommendations?

The 40 Recommendations provide a complete set of counter-measures against money laundering (ML)covering the criminal justice system and law enforcement, the financial system and its regulation, and international co-operation. They have been recognised, endorsed, or adopted by many international bodies.

What is AML CFT?

Money Laundering (ML) and Terrorist Financing (TF) are economic crimes that threaten a country’s overall financial sector reputation and expose financial institutions to significant operational, regulatory, legal and reputational risks, if used for ML/TF.

What are the stages of Money Laundering?

There are three stages of money laundering:

• Placement Stage. Placement is the first stage of money laundering, which involves transferring funds to a legitimate source through financial institutions, casinos, financial instruments, etc.
• Layering Stage.
• Extraction Stage.

Is Ghana a member of FATF?

This follow-up report sets out the progress that Ghana, member of FATF-Style Regional Body, Inter Governmental Action Group against Money Laundering in West Africa (GIABA) has made in improving its level of compliance with the FATF standards, since their 2018 Mutual Evaluation and ensuing Follow-Up Report.

How many members are in the Egmont Group?

About theEgmont Group

The Egmont Group is a united body of 166 Financial Intelligence Units (FIUs): FIUs are uniquely positioned to support national and international efforts to counter-terrorist financing.

What are the three 3 components of KYC?

KYC process includes ID card verification, face verification, document verification such as utility bills as proof of address, and biometric verification.

Which country is blacklisted by FATF?

As of 2020, there are only two countries on the FATF blacklist: North Korea and Iran. Iran is on the list for suspicion that the state is financing terrorist organizations.
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FATF (Financial Action Task Force) Countries 2022.

What are the 4 stages of money laundering?

Money laundering is often comprised of a number of stages including:

• Placement.
• Layering.
• Integration.
• Money Laundering Charges.
• Defenses to Money Laundering.
• Lack of Evidence.
• No Intent.
• Duress.

What are the 3 stages of money laundering?

These three stages of money laundering are: Placement. Layering. Integration/extraction.

What are 3 types of money laundering?

Although money laundering is a diverse and often complex process, it generally involves three stages: placement, layering, and/or integration.

What are the 3 levels of money laundering?

Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: placement, layering and integration.

Who controls FATF?

Financial Action Task Force

What is GREY list countries?

Countries in Grey List: As of March 2022, there are 23 countries on the FATF’s increased monitoring list — officially referred to as “jurisdictions with strategic deficiencies” — that include Pakistan, Syria, Turkey, Myanmar, Philippines, South Sudan, Uganda, and Yemen.

What are the five working groups of the Egmont Group?

The Egmont Group’s Working Groups are led by a Chair and Vice-Chairs:

• The Information Exchange Working Group (IEWG)
• The Membership, Support and Compliance Working Group (MSCWG)
• The Policy and Procedures Working Group (PPWG)
• The Technical Assistance and Training Working Group (TATWG)

What are the three principles of the Egmont Group?

The Egmont Group is designed to improve communication, information sharing, and training coordination amongst its FIU members. Its goal is to provide a forum for member FIUs to improve support to their respective governments in the fight against money laundering, terrorist financing, and other financial crimes.

What are the 4 pillars of KYC?

Banks should frame their KYC policies incorporating the following four key elements:

• Customer Acceptance Policy;
• Customer Identification Procedures;
• Monitoring of Transactions; and.
• Risk Management.

What is CDD and CIP?

CIP: The collection and verification of consumer provided information establishing a reasonable belief that the consumer exists and is who they say they are. Customer Due Diligence (CDD): Ensuring that a customer is trustworthy and suitable to do business with.

Is China part of FATF?

The Gulf Cooperation Council, which consists of small, oil-producing countries in the Persian Gulf, is a non-country entity in Asia that is a member of the FATF.
FATF (Financial Action Task Force) Countries 2022.

What are the 4 pillars of AML?

The written BSA/AML compliance program must include the following four pillars:

• Internal controls;
• The designation of a BSA/AML officer;
• A BSA/AML training program; and.
• Independent testing to test programs.

What are the 3 categories of money laundering?

The money laundering process most commonly occurs in three key stages: placement, layering and integration. Each individual money laundering stage can be extremely complex due to the criminal activity involved.

How do drug dealers hide their money?

Drug dealers hide their profits by flushing them through the vast global financial market, and use the laundered cash to underwrite their trafficking.

How many countries are in FATF?

39 members
Which jurisdictions are members of the FATF? There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing.

What are the principles from the Egmont Group?

The Egmont Group fosters the development of Financial Intelligence Units (FIUs) and information exchange. 2. The Egmont Group agreed in its Charter and Statement of Purpose to pursue among its priorities the stimulation of information exchange and to overcome the obstacles preventing cross-border information sharing.