Government sets up a committee to oversee reimbursement of funds collected, illegally, by trading entities

Finance

Friday, 23 July 2021 16:10

Government sets up a committee to oversee reimbursement of funds collected, illegally, by trading entities

(Togo First) - Via a decree issued on July 19, 2021, the Togolese minister of finance Sani Yaya established “a committee to monitor the repayment of funds collected by firms that conduct illegal financial and monetary activities.”

The new entity will “hold meetings with the top management of concerned firms, proceed to legitimacy controls, assess their financial situation, and fix modalities to reimburse funds they collected.” It will regroup representatives of the General Directorate of Economic Studies and Analysis, the General Directorate of the Treasury and Public Accounting, the Central Bank of West African States (BCEAO), the General Inspectorate of Finance, the Support and Monitoring Unit for Microfinance, Savings and Credit Institutions (CAS-IMEC), and the Legal Unit of the Ministry of the Economy and Finance

In line with article 3 of the ministerial decree, the committee will be chaired by the secretary-general of the ministry of finance and economy. He will be backed by a technical team.

Yaya’s decision follows the issuing last March 26 of a notice prohibiting high-risk placement activities in Togo. Subsequently, businesses carrying out these activities were shut down.

Esaïe Edoh

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