The Inter-Governmental Action Group against Money Laundering in West Africa has published a regional typologies report on money laundering, terrorist financing and illicit financial flows linked to maritime crime in the Gulf of Guinea. Covering Benin, Côte d’Ivoire, Ghana, Guinea-Bissau, Nigeria and Togo, the report concludes that most maritime offences generate illicit proceeds, but current legal, institutional and operational responses are weak, especially because existing maritime security frameworks are poorly implemented and coordination between ministries, agencies and financial intelligence units is inadequate. GIABA says this weakens detection of criminal activity at sea and makes it harder to trace, investigate and confiscate proceeds that may be moved through offshore accounts, shell companies, foreign bank accounts, cash channels and real estate. The report links these weaknesses to a broad set of maritime crimes, including piracy and armed robbery against ships, illegal bunkering and oil theft, illegal unreported and unregulated fishing, drug trafficking, migrant smuggling, wildlife trafficking and corruption. It notes that maritime actors have not contributed suspicious transaction reports or other information to help detect money laundering or terrorist financing linked to maritime crime, despite persistent regional threats. GIABA recommends sectoral risk assessments, updates to national maritime and AML/CFT strategies to involve maritime actors and financial intelligence units, legislative reforms to criminalize all forms of maritime crime in line with international standards including the United Nations Convention on the Law of the Sea, formal information-sharing mechanisms, parallel financial investigations, stronger confiscation of criminal proceeds, enhanced supervision of private maritime companies, and stronger regional and international cooperation.

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