The Inter-Governmental Action Group against Money Laundering in West Africa published its 2024 annual report, setting out a year focused on completing the second round of mutual evaluations, supporting member states under Financial Action Task Force monitoring and expanding technical assistance. The report says AML/CFT/CPF compliance in West Africa improved, with GIABA bringing its second evaluation round to about 95 percent completion, adopting two mutual evaluation reports, reviewing 14 follow-up reports and recording 40 upgrades to FATF recommendation ratings. It also highlights Senegal’s completion of its FATF action plan and exit from increased monitoring. The report says the region continues to face illicit financial flows from the extractive sector, increased terrorist financing activity, misuse of virtual assets, weak oversight of designated non-financial businesses and professions, and emerging proliferation financing risks. Member states responded by strengthening financial intelligence units, completing national risk assessments, extending regulatory frameworks to virtual assets and DNFBPs and applying targeted financial sanctions more widely. GIABA also updated its mutual evaluation procedures, accelerated assessor training with the FATF, made budget provision through 2027 for the next round, recruited most vacant technical posts in evaluation and policy functions, and delivered technical assistance and capacity-building to 2,607 participants. On FATF monitoring, Côte d’Ivoire was added to increased monitoring in 2024, while Burkina Faso, Mali and Nigeria remained on the grey list. Next steps in the report centre on the third round of mutual evaluations, which GIABA said will begin in 2026 with Ghana and will be shorter, more risk-based and more focused on effectiveness. The full sequencing is expected to be adopted in May 2025. The report also flags the planned ECOWAS exit of Burkina Faso, Mali and Niger, noting a proposal for the three countries to apply for GIABA membership as non-ECOWAS states with a six-month interim membership after January 2025.
Inter Governmental Action Group against Money Laundering in West Africa (GIABA)2025-09-01
Inter-Governmental Action Group against Money Laundering in West Africa reports improved AML CFT compliance and prepares 2026 third evaluation round
GIABA’s 2024 annual report says West Africa’s AML/CFT/CPF framework improved as the body brought its second mutual evaluation round to about 95 percent completion, reviewed 14 follow-up reports and oversaw 40 FATF recommendation upgrades. Senegal exited FATF increased monitoring, while Côte d’Ivoire joined Burkina Faso, Mali and Nigeria on the grey list. GIABA is preparing a more risk-based third round of evaluations starting in 2026 with Ghana.