Melaye, who also heads the Nigerian Office of GIABA, attributed this reduction to increased awareness about money laundering and terrorism financing.
Timothy Melaye, Acting Head of Communication and Advocacy at the Intergovernmental Action Group against Money Laundering (GIABA), has announced a decline in money laundering activities in West Africa.
In an interview with the News Agency of Nigeria on Tuesday in Cotonou, Benin, Melaye, who also heads the Nigerian Office of GIABA, attributed this reduction to increased awareness about money laundering and terrorism financing.
He noted that enhanced public knowledge has led to more individuals being aware of and vigilant against these financial crimes.
He said, “Cumulatively, we will say that there is a lot of reduction, based on the reports that we are receiving from member countries.
“Today, because of the level of awareness and engagement, if you want to buy a house and your salary does not correspond, then the person who is selling the house, has the responsibility, as a real estate agent, to file a report.
“Also, the bank has the responsibility to file suspicious transaction reports, and that report will commit the law enforcement to investigate.”
“So because of all these measures, we have seen a drastic reduction in money laundering and terrorism financing activities,” he said.
Despite the progress, Melaye acknowledged that GIABA was continually uncovering new methods employed by criminals to circumvent existing measures. In response, GIABA is actively developing innovative strategies to counter these emerging threats and mitigate the associated risks.
He said, “Now GIABA has put measures in the airports, in the seaport, in all exits, to show that when you are going out of the country with currencies, you have to declare the currencies.
“They (criminals) are creating new ways and GIABA is also creating new measures, but overall, because of the level of awareness, level of engagement, and level of deterrence of activities going on.
“So we are now observing reduction in one way or the other.”