Financial Crime World

TOGO Takes Steps to Prevent Financial Crime, Improves Technical Compliance

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The Financial Action Task Force (FATF) has commended Togo for making significant progress in implementing measures to prevent financial crime. The country’s efforts have resulted in an improvement in its technical compliance ratings.

Progress and Challenges

According to the FATF report, Togo is largely compliant with several of the FATF Recommendations, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.13)

The country has also made significant progress in implementing measures to prevent money laundering and terrorist financing through its financial institutions.

However, there are still areas where Togo needs to improve, particularly in relation to:

  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
  • Regulation and supervision of DNFBPs

Key Highlights

  • Togo is largely compliant with several FATF Recommendations.
  • The country is partially compliant with recommendations related to:
    • Confiscation and provisional measures (R.4)
    • Terrorist financing offence (R.5)
    • Customer due diligence (R.10)
  • Togo is non-compliant with several recommendations related to transparency and beneficial ownership of legal persons and arrangements.
  • The country is commended for its efforts in implementing measures to prevent money laundering and terrorist financing through its financial institutions.

Next Steps

Togo’s continued commitment to implementing effective measures to prevent financial crime will be closely monitored by the FATF. The country’s progress will be reviewed at the next follow-up report, where it is expected to make further improvements in its technical compliance ratings.