Members of Togo’s National Assembly adopted during Tuesday’s first reading, a bill aimed at strengthening the prosecution of currency counterfeiting and offences against monetary instruments in the member states of the West African Monetary Union.
The session was chaired by National Assembly Speaker Komi Selom Klassou, in the presence of Minister of Economy and Finance Essowè Georges Barcola.
According to the authorities, the reform is designed to bring the existing legal framework into line with the evolving nature of counterfeiting, which is seen as a threat to financial stability and public confidence in the currency.
The adopted text notably updates the uniform law established in 1982 by the member states of the West African Monetary Union to strengthen mechanisms for combating monetary forgery.
Among the key innovations are the introduction of new offences related to the falsification of banknotes and coins, the establishment of criminal liability for legal entities, and a requirement to transmit seized counterfeit monetary instruments to the competent authorities.
The law also clarifies applicable penalties, judicial prosecution procedures and the prerogatives of the Central Bank of West African States with regard to the centralisation of seized banknotes and coins.
For Atcholi Aklesso, chairman of the Union for the Republic parliamentary group, currency represents a fundamental pillar of economic confidence as well as of the value of citizens’ labor and savings.
The finance minister, for his part, stressed that the new legislation also aims to strengthen cooperation among WAEMU member states in order to more effectively dismantle criminal networks involved in monetary counterfeiting.
National Assembly Speaker Klassou added that the law will help preserve the stability of the common currency and secure economic transactions across the regional bloc.
With the adoption of the legislation, Togo seeks to reinforce the protection of its currency and consolidate economic confidence throughout the regional space.
RNK/te/lb/as/APA