By Kumba Leigh
Omar Dibba, a law student at the University of The Gambia (UTG) emerged winner of the Inter-Universities Speech Contest on Money Laundering, and Terrorist Financing in West Africa, marked in a ceremony held at the Sir Dawda Kairaba Jawara International Conference Centre in Bijilo.
The inter-universities speech contest is an annual event organised and funded by the Inter-government Action Group Against Money Laundering in West Africa (GIABA), an institution of the Economic Community of West African States (ECOWAS) responsible for facilitating the adaptation and implementation of Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa.
This year’s event, being the fifth edition, was on the theme: ‘Promoting collective action against money laundering, and terrorist financing in West Africa’, and brought together students from five different universities across the ECOWAS Member States.In an interview with the winner Mr Dibba, he expressed delight and appreciation to the UTG management for his nomination out of 600 students, and to the Central Bank of The Gambia’s Financial Intelligence Unit for their contribution during his research work.
“To emerge the winner against all these brilliant colleagues comes with so much joy, and gratitude. I am so elated to have made such a great history at international level. This is the first time since the inception of the competition that Gambia won the contest. My appreciation will go to the school management, family and friends for their immense support,” he stated.
Mr Dibba explained that the competition requires students, especially those from the social sciences to conduct research on topics related to money laundering, and terrorist financing, and the way forward to protect African economies, and financial systems from the menace of terrorism, and money laundering. “It entails in-depth research, data analysis, and mastery of international standards set up by the Financial Task Force, and their implementation by West African States,” he added.
Edwin W Harris Jr., Director General of GIABA, said the event presents an opportunity for strengthening collaboration with academia to address the problem of money laundering and terrorist financing.
He said money laundering and terrorist financing constitute major obstacles to a nation’s development. “It poses threat to security and development, loss of direct investment, reputation damage, and poor infrastructural development,” he added.
Mr Harris Jr assured that GIABA will continue to create awareness to achieve the goals of combating money laundering and terrorist financing, and that students’ involvement is crucial.
Alagie Darboe, Director of the Financial Intelligence Unit, CBG, and GIABA correspondent defined money laundering as the process of making the proceeds of crime appear to have legitimate origins.
“Money laundering was mainly associated with drug trafficking. Today, the designated categories of offences are numerous including trafficking in persons, migrants smuggling, bribery, corruption, currency counterfeiting…,” he said.
He added that without adequate countering, measures of money laundering could have devastating effects on national economies.
Alpha MK Lowe, Administrator, Office of the Vice Councilor, University of The Gambia, said the event was timely amidst increasing economic and financial crimes globally.
“Countering money laundering require concerted efforts of all stakeholders; young people are crucial in the fight against this menace,” he said.
