International Journal on Criminology Volume 6, Number 2, Winter 2018/Spring 2019 | Page 53

International Journal on Criminology
Money Laundering Methods and Techniques
15. Figures provided by West African countries over the last five years have consistently
highlighted the same methods of money laundering. First among these
is the "physical transportation of cash." This makes sense, given the porosity of
West African borders, the informal, cash-based economy, the limited capacities of
investigative authorities, and the absence of CTD obligations within UEMOA. The
"Designated Non-Financial Business or Profession (DNFBP)" sector appears to be
the second most popular money laundering method in West Africa.
This is explained by poor regulation in the sector, which gives some of
its activities—real estate, casinos and gambling, and travel agencies—a semi-informal
character. The sector is also very poorly monitored, and actors within it
are not sufficiently trained in or aware of the challenges of AML/CFT. It appears
that very few STRs are received by FIUs from DNFBPs. In some countries in the
region, it remains a challenge to find lawyers to work with the FIU and AML/
CFT investigation authorities. Across West Africa, this sector is very vulnerable
to ML.
Third, financial criminals use the banking sector and microfinancing to invest
their dirty money. This highlights the inadequacies of monitoring measures
put in place by financial institutions, and particularly the lack of regulation and
sanctions by supervisory authorities.
Overview of Terrorist Financing in West Africa
Major Terrorist Groups
16. Terrorist groups are heavily present in West Africa, having now spread to
initially unaffected territories. The seven main terrorist groups operating in the
region are active in Mali, Niger, and Nigeria. These are Al-Qaeda in the Islamic
Maghreb (AQIM), Ansar Dine, Boko Haram, Ansaru, the Macina Liberation
Front, al-Mourabitoun, and the Movement for Oneness and Jihad in West Africa
(MOJWA). A number of other countries are also affected by terrorism: Guinea
Bissau, Burkina Faso, Côte d'Ivoire, and Senegal. Burkina Faso has experienced
several terrorist attacks, with the most deadly, claimed by AQIM, taking place in
Ouagadougou on January 15, 2016, leaving thirty dead and 150 wounded.
We should also recall the attack on the seaside resort of Grand Bassam, in
Côte d'Ivoire, in March 2016, which left twenty-two dead and several wounded. It
has emerged that AQIM uses Guinea-Bissau as a training camp for its new recruits
before sending them to conflict zones as reinforcements. In Senegal, a network is
in place for recruiting young combatants, and for financing their trips to so-called
"jihad" areas in West Africa and the Middle East.
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