Sierra Leone’s Finance Minister Ahmed Bangura Assumes Chairmanship of GIABA Ministerial Committee, Calls for Stronger Regional Cooperation

Accra, Ghana – July 19, 2025 — The Minister of Finance of the Republic of Sierra Leone, Hon. Ahmed Sheku Fantamadi Bangura, has officially assumed the role of Chairman of the GIABA Ministerial Committee (GMC) following his appointment during the Extraordinary Session of the GIABA Ministerial Meeting held in Accra, Ghana.

The meeting, which brought together ministers and high-level representatives from across the West African region, marked a pivotal moment in the region’s continued fight against money laundering, terrorist financing, and illicit financial flows. GIABA—the Inter-Governmental Action Group against Money Laundering in West Africa—is a specialized institution of the Economic Community of West African States (ECOWAS), mandated to strengthen member states’ capacity to combat financial crime and related threats.

A Message of Gratitude and Renewed Commitment

In his acceptance speech, Minister Bangura extended heartfelt appreciation to his predecessor, Hon. Lateef Olasunkanmi Fagbemi, SAN, the current Minister of Justice and Attorney General of the Federal Republic of Nigeria, for his exemplary leadership and service during his tenure as Chairman.

“I am deeply honored to assume this responsibility and grateful for the dedication and commitment of my predecessor, Hon. Fagbemi, whose leadership has significantly shaped the direction of GIABA and this committee,” said Minister Bangura.

He pledged to build on the momentum achieved under previous leadership, reaffirming his dedication to collaborative governance, inclusive decision-making, and strategic leadership of the Ministerial Committee, which serves as GIABA’s highest decision-making organ.

Strengthening the Fight Against Financial Crime

As Chairman, Hon. Bangura will guide deliberations among his fellow ministers from GIABA member states, driving consensus-based policy decisions aimed at strengthening the region’s collective resilience against financial crimes. With extensive experience in past GMC meetings, he is no stranger to the intricacies of regional anti-financial crime mechanisms and the importance of multilateral cooperation.

He acknowledged the progress made during the second round of mutual evaluations, which revealed notable improvements in legal and institutional frameworks across the region. However, he emphasized that these gains must be matched with enhanced implementation strategies and regional adaptability to address emerging threats, including:

• The rise in cyber-enabled financial crime
• Increasingly complex illicit maritime financial flows
• The political and operational implications of the withdrawal of the Alliance of Sahel States (AES) from ECOWAS

“These developments call for heightened vigilance, flexible regulatory mechanisms, and stronger cross-border cooperation,” Bangura stressed.

Key Priorities Under Sierra Leone’s Leadership

Minister Bangura outlined a clear and forward-looking agenda to guide GIABA’s work under his chairmanship. His strategic priorities include:

• Enhanced regional cooperation to close existing gaps in cross-border coordination and intelligence sharing
• Targeted capacity-building to equip national authorities with advanced tools and specialized skills for detecting and disrupting financial crime
• Real-time information exchange through robust intelligence-sharing frameworks and joint operations
• A shift from technical compliance to demonstrable effectiveness, ensuring that member states not only adopt standards but also deliver tangible results
• Sustained political commitment at the highest levels of government to translate regional strategies into actionable national policies and investments

“This is the time for a collective push—from political leaders, financial regulators, and law enforcement agencies—to align strategy with action,” he stated. “Only through unified, unwavering commitment can we ensure our financial systems are safeguarded from criminal exploitation.”

About GIABA

Established in December 2000 by the Authority of Heads of State and Government of ECOWAS, GIABA serves as the regional Financial Action Task Force (FATF)-style body. Its primary role is to develop and implement anti-money laundering and counter-terrorist financing (AML/CFT) measures in West Africa. GIABA supports member states through technical assistance, mutual evaluations, research, and regional dialogue.

As GIABA’s new GMC Chair, Hon. Ahmed Bangura is poised to lead the institution into a new phase of strategic transformation, anchored in results, collaboration, and resilience.