Gambiaj.com – (BANJUL, The Gambia) – The Intergovernmental Action Group Against Money Laundering (GIABA) has gathered delegates, youth advocates, and policymakers in Banjul for a pivotal conference aimed at combating illicit financial flows and raising awareness about money laundering. The initiative, which targets young people’s involvement, is part of a broader strategy to prevent financial crimes that undermine economic stability and sustainable development across West Africa.

With over 200 young participants and key representatives from the National Youth Council and the Financial Intelligence Unit, the forum created a space for in-depth discussions on the impact of financial crimes on regional development and stability. Addressing the gathering, GIABA Director Timothy Mellon emphasized that protecting member states’ economies from money laundering is critical, particularly by harnessing the energy and enthusiasm of youth.

“The youth have the drive and enthusiasm required to advance a country’s economy. But if we fail to channel this energy towards constructive endeavors, it could easily be misdirected toward harmful activities, such as money laundering, drug trafficking, and even internet fraud,” Mellon stated. He highlighted that illicit financial flows drain foreign exchange reserves and create destabilizing macroeconomic conditions, hindering sustainable development across the region.

He continued, “We need the youth as allies in this battle. They are powerful agents of change, and by engaging them, we aim to create a robust defense against financial crimes that could otherwise destabilize our economy and society.”

The National Youth Council’s Executive Director echoed these sentiments, underscoring the importance of incorporating money laundering awareness into youth policies and initiatives. He noted that the National Youth Council aims to prioritize financial crime awareness in future youth policies, emphasizing that more collaborative projects could help curtail these illicit activities.

“Youth policies currently do not prioritize issues like money laundering and terrorism financing, but we believe these need to be recognized as critical concerns. Once they are, we can create more impactful initiatives to address them,” he said.

Participants, including university students, described the forum as timely, pledging to utilize the knowledge gained to foster financial integrity in their communities. One participant remarked, “As the future of this nation, it’s essential to be educated about the dangers of financial crimes and to promote financial honesty.”

GIABA’s forum comes at a crucial time, as the West African region continues to face challenges from money laundering, terrorist financing, and related financial crimes. Through strengthened partnerships and youth empowerment, GIABA hopes to build a collective defense that not only safeguards economies but also contributes to long-term peace and security in the region.