The Inter Governmental Action Group against Money Laundering in West Africa (GIABA) has identified the extractive sector as a major source of illicit financial flows in the region. GIABA Director General Mam Cherno Jallow, speaking at a regional training for journalists in Ghana, warned that high-level corruption, misuse of virtual assets, drug trafficking, and weak regulatory oversight are worsening money laundering risks. Jallow, represented by acting Principal Officer Timothy Melaye, noted that West Africa continues to face evolving threats related to money laundering, terrorist financing, and proliferation financing. The extractive sector was highlighted as a key area of vulnerability.
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