• Togo parliament approves anti-money laundering, terrorism financing law
• Law aligns with FATF, UEMOA standards, replaces 2018 framework
• Introduces risk-based oversight, tighter beneficial ownership rules

Togo’s National Assembly approved a new law aimed at combating money laundering, terrorist financing and the proliferation of weapons of mass destruction, following a second Senate reading last weekend.

The new framework aligns national legislation with updated international and regional standards. It replaces the 2018 law and incorporates revised recommendations from the Financial Action Task Force (FATF), as well as a directive adopted in 2023 by the West African Economic and Monetary Union (UEMOA). Over time, the reform is expected to strengthen the transparency and credibility of Togo’s financial system amid persistent regional security threats.

“While money laundering allows criminals to give a legal appearance to the proceeds of crime, terrorist financing endangers collective security,” said Badanam Patoki, Minister of Economy and Strategic Oversight.

The law introduces a risk-based approach, extending due diligence obligations to new actors, including virtual asset service providers, and tightening requirements for identifying the ultimate beneficial owners of transactions.

The government said the legislation was necessary because such activities weaken the economy, divert resources intended for development and fuel instability by supporting international terrorist and criminal networks.

Authorities said the reform would reinforce the existing legal framework, modernise monitoring systems and strengthen coordination among agencies involved in tackling illicit financial flows. It is also expected to improve implementation of the risk-based approach, intensify due diligence requirements for reporting entities and streamline procedures for freezing assets linked to terrorism and the proliferation of weapons of mass destruction.

Esaïe Edoh, with Togo First