The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on Monday launched its 2024 annual report, highlighting significant progress in strengthening Financial Intelligence Units (FIUs) across the region.

Director General Edwin Harris Jr. reaffirmed the institution’s commitment to keeping member states informed about its efforts.

“Today, it is on record that commendable improvement has been made in the implementation of the AML/CFT (Anti-Money Laundering/Combating Financing of Terrorism) regime across the region. Member countries have made significant progress and are implementing their AML/CFT regimes at various levels,” Harris said at the report launch in Dakar, Senegal.

He added that these improvements have contributed to “good governance, enhanced development, and security in several member states.”

The report notes that GIABA has intensified advocacy efforts across West Africa. Earlier this year, Harris visited Sierra Leone, meeting with President Julius Bio and senior government officials. During the visit, the president and officials pledged their support for tackling money laundering and terrorism financing.

Sierra Leone’s Financial Intelligence Agency (FIA) completed its second-round evaluation alongside other FIUs in GIABA member states, showing notable progress. The country continues implementing recommendations ahead of the next follow-up evaluation in February 2027.

Under FIA Director General David Borbor, Sierra Leone strengthened its role in the global fight against financial crime by gaining admission to the Egmont Group after an eight-year wait.

“Joining the Egmont Group is not merely a symbolic gesture for FIA Sierra Leone. It is a fundamental step toward enhancing our operational capabilities, strengthening analytical intelligence, and expanding our reach in cross-border financial investigations. Financial crime knows no borders, and effective collaboration among FIUs is our most potent weapon,” Borbor said.

Despite progress, the report warns of emerging risks. Terrorism financing is rising in the Sahel, with an increasing number of armed insurgent groups. ECOWAS Chairman President Bio has prioritized regional security and is working with member states to promote peace.

Another growing risk is illicit financial flows through the extractive sector and weak regulatory oversight of Designated Non-Financial Businesses and Professions (DNFBPs). A GIABA-commissioned study across Nigeria, Ghana, Senegal, Cape Verde, Benin, and Ivory Coast found that legal structures in these countries are insufficient to combat trade-based financial crime.

“Legal structures in West Africa facilitate cross-border money laundering and trade-based financial crime, particularly through import-export businesses and professional service providers such as lawyers, accountants, and real estate agents,” the report said.

Overall, GIABA remains optimistic about AML/CFT progress in West Africa. With continued political commitment, the organization aims to help member states achieve further improvements ahead of the third mutual evaluation.

This year marks GIABA’s 25th anniversary.