Sierra Leone’s Minister of Finance, Sheku Fantamdi Bangura, is poised to assume a pivotal regional leadership role as he prepares to depart the country to chair the Ministerial Committee of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). This significant appointment follows the recent election of Sierra Leone’s President, Dr. Julius Maada Bio, as Chairman of the Economic Community of West African States (ECOWAS), highlighting the nation’s growing influence within the regional bloc. Minister Bangura’s elevation to chair the GIABA Ministerial Committee (GMC), the organization’s highest decision-making body, is a direct consequence of President Bio’s new ECOWAS position, itself a recognition of his proactive leadership, both regionally and on the global stage, including within the United Nations system.
The GMC holds critical authority within GIABA, a specialized institution of ECOWAS comprising 15 member states dedicated to combating money laundering and terrorist financing. As the apex body, the Ministerial Committee bears the ultimate responsibility for reviewing, endorsing, and formally approving all major policy decisions, action plans, and strategic initiatives adopted by GIABA’s Technical Committee. This includes setting regional standards, approving crucial reports like mutual evaluations, and mobilizing political will and resources across West Africa. In his capacity as Chair, Minister Bangura will now lead and coordinate the efforts of fellow Finance and Justice Ministers from across the sub-region. His primary task will be guiding the GMC towards consensus on essential strategies and actions to strengthen the region’s collective defenses against the pervasive threats of illicit financial flows, money laundering, and the financing of terrorism – challenges particularly acute in West Africa due to factors like cross-border crime, drug trafficking, and instability in the Sahel.
Minister Bangura is scheduled to immediately step into his new responsibilities, chairing his inaugural GMC meeting this weekend. The venue for this important gathering is Accra, Ghana, where ministers will convene for the 2nd Extraordinary Session of the GMC. Such extraordinary sessions are typically called to address urgent matters requiring high-level ministerial intervention and decision-making outside the regular meeting cycle. The agenda for the Accra meeting is anticipated to focus on pressing regional priorities within the anti-money laundering (AML) and counter-terrorist financing (CFT) landscape, demanding collective resolve and decisive action. Upon his appointment, Minister Bangura expressed his unwavering commitment to advancing GIABA’s vital mission. “This is a huge responsibility, but we will deliver on it together,” he stated. “President Bio has set a bold example for us in delivering across the world; we will follow that example diligently in this crucial regional endeavor.” His leadership is expected to bring renewed focus and impetus to the collaborative fight against financial crime in West Africa.