West African countries are making significant strides in preparing for upcoming evaluations of their anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks. With the Financial Action Task Force (FATF) set to review national systems across the region, governments and financial regulators are taking proactive steps to enhance compliance, reduce financial crime risks, and improve overall financial transparency.
One of the major developments in this effort is a four-day Pre-Mutual Evaluation Training Workshop currently taking place in Accra, Ghana. The event brings together key stakeholders from financial institutions, law enforcement agencies, and regulatory bodies. Its primary goal is to assess and strengthen Ghana’s readiness for its Third Round of Mutual Evaluation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), scheduled for later this year.
At the workshop, GIABA’s Director General, Edwin W. Harris Jr., emphasized the importance of collective regional action. He noted that money laundering and terrorist financing continue to pose serious threats to both economic stability and national security in West Africa. To tackle these challenges effectively, countries must commit to stronger cooperation, institutional readiness, and rigorous policy enforcement.
Ghana, for its part, has been actively working on its National Risk Assessment (NRA), involving 16 sector-specific working groups that examine vulnerabilities in various parts of the economy. These groups are tasked with identifying gaps and formulating solutions to help ensure the country’s AML/CFT framework is robust and in line with global standards.
Meanwhile, Liberia is also taking steps to enhance its compliance capabilities. At a recent GIABA compliance forum in Monrovia, Liberia’s Justice Minister, Cllr. N. Oswald Tweh, spoke about the government’s commitment to fostering a strong culture of compliance among reporting entities. He highlighted the need for both public and private sector stakeholders to implement thorough risk-based approaches and legal frameworks that can stand up to international scrutiny.
Both Ghana and Liberia represent a growing regional momentum toward strengthening financial integrity. With the support of GIABA and other regional partners, West African nations are positioning themselves to not only pass FATF evaluations but also build stronger, more secure financial systems that are resilient to abuse by criminals and illicit networks.
As AML/CFT regulations evolve globally, these efforts are a critical step forward in protecting the region’s financial institutions, attracting investment, and maintaining trust in local and international markets.
