• Togo parliament adopts WAEMU law against currency counterfeiting
• Bill defines offences including reproduction, possession and circulation of fake notes
• Law strengthens BCEAO role in coordinating anti-counterfeiting efforts

Togo's National Assembly on Tuesday adopted a bill aimed at combating counterfeiting and other offences involving currency in member states of the West African Monetary Union (WAMU), during a plenary session in Lomé.

Lawmakers approved the text at first reading during the fourth plenary sitting of the first extraordinary session of the year. The session was chaired by National Assembly President Komi Sélom Klassou and attended by Finance and Budget Minister Essowè Georges Barcola.

The measure implements a uniform law adopted by the WAEMU Council of Ministers to strengthen protection of the common currency against counterfeiting and falsification.

The bill defines offences and penalties related to currency counterfeiting. It covers the manufacture of banknotes outside authorised conditions, the full or partial reproduction of currency without authorisation, the possession or circulation of counterfeit banknotes, and the defacement of legal tender.

The law also specifies the powers of the Central Bank of West African States (BCEAO), the regional issuing bank, notably in centralising seized currency and coordinating the fight against counterfeiting.

According to authorities, the reform aims to strengthen the legal framework protecting the Union’s monetary system and maintain confidence in financial transactions.

During the same session, lawmakers also adopted a bill regulating microfinance in Togo.

“The adoption of these laws demonstrates cooperation between the government and the National Assembly in building a modern and transparent financial and monetary framework for the benefit of the financial community and the population,” Finance Minister Essowè Georges Barcola said.

R.E.D, with Togo First