West African leaders unite in Abidjan to tackle financial crime

Côte d’Ivoire is hosting the 45th technical commission and plenary session of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) from May 18 to 23, 2026. The event, held in Cocody, brings together financial experts, representatives from ECOWAS member states, technical and financial partners, and international observers. This regional gathering serves as a key platform for assessing and aligning anti-money laundering and counter-terrorism financing (AML/CFT) policies across West Africa.

The agenda includes a thorough review of follow-up reports for several member states under the second round of mutual evaluations. Discussions will also cover the latest typology reports from the Risk, Trends, and Methods Working Group (RTMG), updates from the Financial Intelligence Units Forum (FCRF), and technical assistance mechanisms for member countries.

Moussa Sanogo, representing Côte d’Ivoire’s Minister of Economy, Finance, and Budget, emphasized the country’s commitment to strengthening regional financial crime prevention systems. “Under President Alassane Ouattara’s leadership, Côte d’Ivoire is taking decisive and transparent action to address its responsibilities in the subregion.”

He highlighted ongoing structural reforms aimed at aligning national frameworks with Financial Action Task Force (FATF) standards, noting encouraging progress despite the evolving tactics of transnational criminal networks. “No single country can succeed alone. Our effectiveness depends on information sharing, mutual trust, and unwavering political will,” he stated, adding that combating money laundering is also a fight for economic stability and peace.

Sanogo underscored the importance of financial system integrity in enhancing the region’s economic attractiveness and securing both domestic and foreign investments.

New threats and the need for innovation in financial crime detection

Hafsat Abubakar Bakari, Chair of GIABA’s Technical Commission, praised Côte d’Ivoire’s efforts in financial governance and data interoperability for AML/CFT. She noted significant technical advancements across member states, driven by updated legislation and modernized financial intelligence units.

However, she warned of emerging challenges tied to cutting-edge technologies, including generative AI, deepfakes, and synthetic identities, which criminals exploit to bypass traditional customer due diligence (KYC) procedures. “Our detection systems, reporting rules, and investigator training must evolve to counter these new threats,” she urged.

Bakari also stressed the importance of greater transparency around beneficial ownership, a critical focus of GIABA’s third-round mutual evaluations. She commended recent progress by Burkina Faso, Mali, and Nigeria in exiting FATF’s grey list, while calling for continued technical support to help Côte d’Ivoire achieve the same outcome swiftly.

The regional meeting is expected to yield actionable recommendations to bolster mechanisms for preventing, detecting, and suppressing illicit financial flows across ECOWAS, amid rising security and technological threats in West Africa.