Voice of Commonwealth

Notes and coins play a crucial role in trade in West Africa, but authorities are concerned

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LAGOS (CU)_For many many years, notes and coins have played a crucial role in trade and economic activities in the West African region. Despite the digital transformation that is currently being experienced in the financial sector across the globe, the lack of infrastructure and technology, together with the resistance displayed by people and businesses have meant that fiat money will continue to influence economic activities across the region.

However, this has started to pose unique challenges to law enforcement efforts in the member states, as criminals continue to smuggle large bulks of cash, threatening the enforcement of anti-money laundering and counter terrorist financing regulations, attracting perpetrator to the region. 

Last week, the members of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) organised a…

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