The African Development Bank Country Manager for Senegal, Mohammed Sheriff says illicit financial flows continue to pose serious challenges to development and security in the sub region, despite the efforts made to eradicate them.

He made the statement on Thursday during the official launch of a three-year support project on Capacity Development for Anti-money laundering and countering the financing of terrorism in GIABA Member states in transition.

They include Burkina Faso, Comoros, The Gambia, Guinea, Guinea Bissau, Liberia, Mali, Niger, Sierra Leone and Togo.

The $3.5 million dollars’ project runs from 2024 to 2026, with training sessions for the team members in charge of the implementation.

According to Mohammed Sheriff, the support project has the general objective of contributing to resilience in the West African region, and to improve the fight against the whitening of capital and financing of terrorism.