The Financial Action Task Force (FATF) has renewed its commitment to helping West African states strengthen their defenses against money laundering and terrorist financing, as the region continues to face complex security and financial crime threats.
FATF President, Elisa de Anda Madrazo, gave the assurance in a message to participants at the FATF/Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Joint Experts Meeting taking place in Accra.
The Financial Action Task Force (FATF) is an intergovernmental organization established to combat money laundering and terrorist financing globally. Madrazo explained that deepening collaboration across the global anti-money laundering network remains a priority, noting that robust partnerships are essential to preventing criminals and extremist groups from exploiting financial systems.
“As President of the FATF, I want to reaffirm our support for West Africa’s efforts to build robust and effective anti-money laundering and counter-terrorist financing frameworks,” she said in her pre-recorded statement.
She cautioned that both money laundering and terrorist financing are evolving in scale and sophistication, with illicit actors increasingly using trade, digital platforms, real estate, and informal value transfer systems to conceal financial flows. These activities, she stressed, undermine national security, destabilize communities, weaken institutions, and drain economic resources needed for development.
“These threats continue to evolve, and they require a united, strategic, and operational response,” she noted.
Strengthening Regional Enforcement Capacity
The Accra meeting has convened law enforcement agencies, customs officers, financial intelligence units, prosecutors, regulators, and banking compliance experts from across West Africa and beyond to share intelligence and align enforcement practices. Discussions are centred on two key themes: Trade-Based Financial Crime and Terrorist Financing.
Officials say the outcomes of the meeting are expected to inform new regional strategies, enhance cross-border investigations, and support member states to comply with international anti-money laundering standards.
West Africa at a Critical Junction
The region continues to battle rising terrorism threats in the Sahel, increased illicit financial flows, and expanding smuggling networks. Analysts say improving transaction traceability, strengthening border monitoring, and increasing cooperation among financial intelligence agencies will be crucial in cutting off funding streams to criminal and extremist networks.
GIABA officials note that although member states have made progress in recent years, sustained capacity-building and political commitment are needed to close loopholes and protect financial systems.
The Accra meeting is expected to produce recommendations to support more coordinated policy reforms and enforcement collaboration across the region.
