Togo: From now on approval of customs is required to move in and out of the country with more than CFA15M cash

Economic governance
Wednesday, 25 April 2018 19:01
Togo: From now on approval of customs is required to move in and out of the country with more than CFA15M cash

(Togo First) - In line with the fight against money laundering and terrorism funding, Togolese deputies adopted on April 24, a bill that among others, forces users to get approval from customs to move out or into the country a sum of more than CFA15 million cash, by road, air or sea.

This would enable customs to have enough information on destinations of cash moved by traders or other individuals, in the case it exceeds the set reference. Besides, it could push those unwilling to go through custom formalities to opt for bank wiring which can also be traced.

Regarding the latter, the newly passed bill urges lenders to enhance their monitoring and verification processes before any fund transfer. This, also to tackle money laundering.

According to news website Republic Of Togo, the bill would more generally enhance capacities of the national cell for financial data processing (CENTIF). It aligns with WAEMU’s strategy to fight money laundering and terrorism funding.

Séna Akoda

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