Togo: New law to strengthen the fight against counterfeiting
The fight against counterfeiting currency has now become a strategic issue for West African economies. In Togo, the first reading adoption of the new law aimed at strengthening the repression of offenses against monetary signs marks an important step in securing the national and community financial system.
Gathered under the chairmanship of Komi Selom Klassou, deputies of the National Assembly examined a text presented by the Minister of Economy and Finance, Essowè Georges Barcola.
The objective is clear: to adapt the legal framework to the evolution of criminal networks that exploit weaknesses in monetary systems to circulate counterfeit currency within the West African Economic and Monetary Union.
The reform updates the uniform law adopted in 1982 by member states of the Monetary Union.
For more than four decades, financial circuits, counterfeiting techniques, and methods of currency circulation have profoundly changed.
Criminal networks now use more sophisticated processes and cross-border channels that require more robust legal responses.
The text introduces several structural innovations. It broadens the definition of offenses related to the falsification of banknotes and coins, recognizes the criminal liability of legal entities, and imposes on financial institutions and economic actors the obligation to report and transmit suspicious currency to the competent authorities.
These measures also strengthen the role of the Central Bank of West African States in centralizing and analyzing seized banknotes and coins.
The objective is to better identify distribution channels and improve coordination between states facing organized networks.
Beyond the legal aspect, the reform directly affects economic stability. In an economy where cash transactions remain dominant, the circulation of counterfeit notes undermines daily exchanges.
The first victims are often small traders, transporters, or independent workers who do not always have the means to verify the authenticity of banknotes.
For Atcholi Aklesso, president of the majority parliamentary group, currency constitutes one of the pillars of economic trust. Protecting it means preserving the value of citizens’ work and savings.
The reform is also part of a regional integration logic. Faced with counterfeiting networks that operate beyond national borders, cooperation between member states of the Monetary Union becomes a strategic necessity.
By strengthening its legislative framework, Togo consolidates the credibility of its financial center and secures economic transactions.
Because in any developing economy, monetary stability remains the primary guarantee of trust, and trust remains the raw material of any sustainable growth.
Chantal TAWELESSI
