Anti-Laundering: GIABA Asks ECOWAS for More Funding

Economic governance

Tuesday, 16 September 2025 15:58

Anti-Laundering: GIABA Asks ECOWAS for More Funding

ECOWAS launched a two-day seminar in Lomé to strengthen financial governance and anti-money laundering efforts.
The GIABA faces severe budget constraints, threatening its ability to conduct evaluations and support member states.
Shifting threats and political instability — including the planned exit of Burkina Faso, Mali, and Niger — heighten regional risks.

The Economic Community of West African States (ECOWAS) opened a two-day awareness seminar in Lomé on September 15, targeting members of its Administration and Finance Committee (CAF). The event, led by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), aims to strengthen budget decision-makers’ understanding of the fight against money laundering, terrorist financing, and the proliferation of weapons.

The opening session drew several senior officials, including Tchaa Bignossi Aquiteme, head of Togo’s Financial Intelligence Unit (CENTIF), GIABA Director General Edwin W. Harris Jr., and Anakpa Essokiza, Director General of Togo’s Budget Office. Representatives from the ECOWAS Commission and the organization’s Lomé office also attended.

Aquiteme stressed the importance of strict compliance with international standards, which he considers vital to preserving the integrity of West Africa’s financial systems and maintaining investor confidence.

Budget Pressures on GIABA

Behind the formal speeches lies a deeper financial challenge. Since 2023, economic and political crises in the region have reduced community resources and delayed member-state contributions, forcing GIABA to scale back its programs. Technical assistance and mutual evaluations have both been affected.

The Lomé seminar is expected to secure stronger budget commitments from the CAF, starting in 2026. Harris warned that without sustainable financing, GIABA will struggle to prepare for its third cycle of evaluations, also set to begin in 2026.

“It is about ensuring long-term funding so GIABA can continue supporting national reforms, building state capacity, and leading mutual evaluations,” Harris said.

Evolving Threats

GIABA’s latest annual report, released in May, highlights the region’s growing vulnerabilities. Criminal networks are exploiting trade and banking systems to finance terrorism, while illicit flows continue to penetrate national economies. Virtual assets present fresh regulatory challenges, and non-financial professions such as real estate and currency exchange remain exposed.

Political instability compounds the risks. The announced withdrawal of Burkina Faso, Mali, and Niger from ECOWAS could leave those states without a regional oversight framework. GIABA has opened talks with them about possible standalone membership, but uncertainty remains.

Togo’s National Efforts

As host, Togo showcased its own reforms. In recent years, Lomé has overhauled its legal framework, completed a national risk assessment, adopted a multi-year anti-money laundering and counter-terrorism financing strategy, and undergone peer evaluation. Implementation of the recommendations is ongoing, including capacity-building for the CENTIF and sector-specific assessments.

These advances reflect political will, Aquiteme said, while adding that lasting progress requires stronger regional cooperation. “Beyond laws, the fight against money laundering and terrorist financing demands visible commitment from the highest authorities.”

The seminar is expected to deliver concrete commitments from CAF members, particularly on budget allocations to GIABA. Discussions will also cover adapting to new financial technologies, strengthening collective compliance, and improving understanding of the threat landscape.

For ECOWAS, the stakes are high. As financial crime grows more sophisticated and transnational, national responses alone will not suffice. Regional coordination, sustainable funding, and political resolve are all essential.

Fiacre E. Kakpo

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.