The members of the Parliament unanimously adopted on Tuesday 24th April 2018 a law on capital laundering and the funding of terrorism. ANCE-Togo acknowledges the government’s initiative, which is going to contribute to the improvement of economic good governance in Togo.
This new law with which Togo has just equipped itself re-inforces the legal apparatus that makes it possible to prevent the use of economic and financial channels for the sake of recycling capitals of illicit origin. Its scope consequently covers every individual or company that, in the framework of their profession, realizes, controls or advises operations entailing deposits, exchanges, investments, conversion or all kinds of capital movements. It contains innovations that re-inforce the intervention capabilities of the National Financial Information Processing Unit (CENTIF) whose mission consists in collecting and processing the financial data on the capital laundering channels.
Among other measures that can be found in this law, one may mention the obligation confronting, from now on, the financial institutions established in Togo to conduct a scrupulous verification whenever there is a capital transfer out of the country and the ban on hard currency transfer of amounts larger than fifteen (15) million CFA francs by air, by road or by sea without any previous declaration to the customs’ office is, from now on, labelled offence and sanctioned.
As a result, through this reform, the government has meant to put the national legislation in conformity with the legal provisions in force throughout WAEMU which already takes into account the new international norms enacted by GAFI; to correct the inadequacies of the system in force and which were identified during the mutual evaluation exercises organized by the intergovernmental action group against money laundering in West Africa; and mainly take into account the concerns identified with stakeholders involved during the review of the implementation difficulties conducted in 2012 by the West African States Central Bank (BCEAO). The point is also to facilitate, through this amalgamation of the legislation, several provisions of which are complementary.
ANCE-Togo, TI National Contact in Togo, through the intermediation of his executive director, Dr. Fabrice EBEH, congratulates the government on the adoption of this modern law which, when implemented properly, will contribute to the fight against terrorism in our country. ANCE-Togo believes that building the capacity of the stakeholders and the institutions in charge, as well as the means of prevention and repression are necessary to reach the set goals. ANCE-Togo will make every effort along with the Government for its implementation and invites the technical and financial partners in Togo, to sustain the efforts of the governance once in the context of this struggle.