West African Compliance Officers Convene in Lomé for 2nd Grand Meeting, July 8-9

Finance

Thursday, 03 July 2025 06:18

West African Compliance Officers Convene in Lomé for 2nd Grand Meeting, July 8-9

(Togo First) - For the second consecutive year, Lome, Togo's capital, will host West African compliance and anti-money laundering experts on July 8 and 9. The GRCRO, organized by the Togolese Association of Compliance Officers (ATCO), brings together over 500 professionals, including finance experts, regulators, business lawyers, auditors, and civil society representatives. The event aims to assess the state of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) frameworks in West Africa and debate challenges related to money laundering, terrorism financing, technological developments, and the resilience of African financial systems. This comes as FATF (Financial Action Task Force) requirements become stricter.

West Africa is not exempt from these challenges. Burkina Faso, Côte d'Ivoire, and Nigeria remain on the FATF "grey list," according to the latest update in June 2025. While only these three countries are currently under increased monitoring, other countries in the region, such as Senegal, Benin, Niger, Mali, and Guinea-Bissau, are not listed but continue to face structural challenges, as regularly highlighted by GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) assessments.

These countries are under increased monitoring due to strategic deficiencies in combating financial crime. Togo, for its part, remains in a consolidation phase. According to the latest follow-up report published in May by GIABA, the FATF’s regional arm, all 11 expected outcomes remain "ineffective," and several technical recommendations are deemed "partially compliant."

Nevertheless, Togo is stepping up its initiatives. The GRCRO, beyond serving as a platform for dialogue, reflects a willingness for structural transformation. "We can no longer settle for formal compliance. Transparency must become a shared reflex across the entire financial chain," a senior executive at a regional bank advocated.

"The aim of the GRCRO is not just to point out shortcomings, but to confront practices, share experiences, and foster a more coherent regional dynamic in terms of compliance," stressed Nikada Batchoudi, president of ATCO and promoter of the GRCRO.

This 2025 edition will tackle sensitive topics, including grey list inclusion, regional cooperation, money laundering red flags, risk mapping, and new technologies. Expected speakers include Edoh Kossi Amenounve, CEO of BRVM; Kimélabalou Aba, from HAPLUCIA; and Geert Delrue, a Belgian expert on money laundering typologies in emerging markets. They will be joined by Marilyn Marchal, an international compliance consultant based in Monaco; Odjouloré Akakpo, head of Interpol Lome; Christophe Porcell, an AML/CFT trainer in France; and Oussama Ghazi, founder of Epitome Advisory in Morocco. The panel will also include Akodah Ayewouadan, former minister and Togolese jurist; Karima Sioud, Compliance Officer in Luxembourg; and Mustapha Bouzizoua, an international trainer. The organizers stated that the diversity of profiles, including field practitioners, institutional experts, and regulators, confirms the regional and operational scope of the gathering.

Translated and adapted into English by Mouka Mezonlin

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.