Speech Delivered by Hon. Norris Tweah at program marking the Training of Anglophone Speaking Journalists on reporting against Money Laundering and Terrorism Financing

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 Officials of the Inter-governmental Group on Money Laundering
Members of Government present
Executives and members of Civil Society organizations
Media Executives and Media Practitioners present
Distinguished Ladies and Gentlemen{jcomments on}

I am pleased and humbled by my preferment to deliver the keynote address at this seminar which targets the training of journalists in Anglophone ECOWAS speaking countries on the framework of reporting on Money laundering and how to write quality features that depict the destruction it wrecks across countries, and how these journalists will work to disseminate truthful information on Anti-Money Laundering and countering the financing of terrorism.

Indeed, Money Laundering is a ‘borderless menace’ that threatens governments the world over. Through posing massive challenges to security, economic development and prosperity, dispensation of justice and impartial judicial system, governance and fidelity to the law, the bankrolling of terrorist activities, among several, money laundering continues to undermine the efforts aimed at ensuring stability in many regions of our world.

But what exactly is money laundering and how it affects societies? Money laundering is the practice of disguising the origins of ill-gotten or illegal money. Eventually, it is the process by which the proceeds of crime are made to appear legitimate. The Money involved in the practice of ‘Laundering or Washing’ are gotten from various forms of criminal activities including; corruption, drug dealing, accounting and other forms of fraud, as well as evasion of tax payment.

But apart from depraving societies of the needed resources which would otherwise be used to construct schools, hospitals, high-ways, pay the salaries of legitimate workers, invest in energy, and provide for the welfare of citizens, most monies laundered are used to sponsor extremist and terrorist movements that pressurized governments to go by their dictates by meting out acts of unbelievable savagery.

Because of the grave concern for the danger of money laundering, the Financial Actions Task Force on Money Laundering was established in 1989 by G7 countries as an inter-governmental body whose purpose is to develop and promote an international response to combat money laundering. In October 2001, FATE broadened its mission to include, combating the financing of terrorism. Now with a membership of 34 countries and territories the FATE brings together legal, financial, and law enforcement experts to achieve national legislations and reforms aimed at strengthening the fight against money laundering and anti-terrorist financing.

But there is a realization that journalists and media practitioners will have to get more engaged in the process of disseminating factual information about money laundering and financing of terrorism, if we are to achieve serious gains in the fight against money laundering and anti-terrorism financing. If not for any other reason, but the fact that the media does not only present the message, my friends, it has become the message.

Therefore full media sensitization and involvement is key. 

As we are assembled here today, several countries have passed anti-money laundering and anti-terrorism financing laws. India passed its prevention of money laundering act in 2002 which came into effect in 2005, the EU passed the directive on the Prevention of Financial System for Money Laundering and Terrorist Financing in 2005, the United Kingdom passed its Proceeds of Crime Act in 2002, among several others. These laws accentuate the fact that countries are interdependent and would need collective actions in fighting common problems.

The Inter-ministerial Group against Money Laundering in West Africa was established on December 10, 1999 by a decision of the Authority of Heads of State and Governments of ECOWAS to fight against money laundering by having member governments pass appropriate legislations. As with the FATE, GIABA’s mandate was revised in January 2006 to fight the financing of terrorism.

The members which include; Cote d’Ivoire, Burkina Faso, Guinea Bissau, Benin, Mali, Niger, Nigeria, Liberia, among others, acknowledge that money laundering and financing of terrorism are issues of critical importance to the world community which require global action. Further, that the economies and financial systems of the countries need to be protected from laundered money and proceeds from terrorist activities.

As a sub-region West Africa sees it fit, to work collectively to combat money laundering and terrorism financing because any individual efforts that lack the support of others would not do much in terms of achieving desired results.

Nonetheless, the issue of language has to be strongly considered if, we are to communicate anti-money laundering messages effectively. That is why such seminar aimed at training journalists in Anglophone countries in writing articles and doing general coverage of ‘the war on money laundering and financial support to terrorism is very crucial especially for the sub-regional bailiwick (Liberia, Guinea, Ivory coast, and Sierra Leone) which has experience waves of war and extreme instability.’

The Government of Liberia, through the Ministry of Justice has been working with ECOWAS and other stakeholders in the country on developing a national strategy to combat Money Laundering and terror financing. Because of the government’s sincere efforts to be on par with other countries in the fight against money laundering, the Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa,

Dr. Abdullahi Shehu in a written communiqué stated that a national strategy is necessary as it provides a holistic approach to addressing identified weaknesses, facilitates prioritization of actions starting with the most urgent needs; enhances the proper utilization of limited resources in the face of competing needs; identifies all relevant stakeholders and assign corresponding roles to them; facilitates impact assessment and adjustment in the course of implementation of actions; promotes national coordination and helps to foster collaboration among stakeholders and commits the country to the development of its anti-money laundering and combating financing of terrorism.

Therefore, ladies and gentlemen, your role in this endeavor cannot be overemphasized as we build the defenses to peace and stability in our quest to become a respectable nation. Liberia is on the march toward total societal transformation and your role as journaliss, the watchdogs of society cannot be overemphasized. The decision you make to professionally report on crimes and societal dis-functionalities will reflect on your collective and individual image and will set the basis for a prosperous and crime free country sub-region.

Finally, I would like to admonish every participant of this seminar utilize the lectures and presentations provided very seriously and get meaningfully engaged in the fight against money laundering and terrorism financing.

Say no to Money Laundering, say no to terrorism financing!!

Thank You Very Much and God Bless You!