GIABA lauds Togo's efforts in tackling money laundering and terrorism funding

Economic governance
Monday, 07 October 2019 17:25
GIABA lauds Togo's efforts in tackling money laundering and terrorism funding

(Togo First) - In its latest annual report on fighting money laundering and terrorism funding, released last week, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) lauded Togo for its improvements in this area. 

The country has "demonstrated more commitment than in the past relative to the implementation of anti-money laundering and terrorism funding policies that meet international standards." 

The regional institution then urged to pursue this path, to rapidly tackle "persistent shortcomings of its system." 

GIABA, however, noted an increase in corruption level in the country, saying it impairs effective implementation of policies to fight money laundering. This despite the adoption of various laws to counter corruption and some condemnations even. 

In 2018, Togo's financial information cells registered 323 declarations of suspicious operations over a total of 12,675 across West Africa. Most of these operations, 10,346 to be precise originate from Nigeria. 

Ayi Renaud Dossavi

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