- The Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Edwin Harris Jr., is urging deeper public-private collaboration to close widening regulatory gaps in the region's fast-growing virtual assets sector. Harris delivered the message Friday at the opening of the 4th GIABA Public-Private Sector Consultative Forum, held as part of the organization's 44th Technical Plenary at the Farmington Hotel.
The two-day gathering is centered on "Risk-Based Supervision of Virtual Assets & Virtual Asset Service Providers (VASPs)" and brings together regulators, financial intelligence agencies, banks, mobile-money operators, and regional policymakers.
Harris Warns of Major Regulatory Shortfalls
Harris said the theme was chosen because nearly all GIABA member states performed "below average" on Recommendation 15 of the Financial Action Task Force (FATF) evaluation, which covers virtual assets and their service providers.
Keep up with the latest headlines on WhatsApp | LinkedIn
"Most countries in our region are yet to establish an appropriate framework to regulate and supervise VASPs," he said. "Understanding the risks -- and regulating accordingly -- is essential to protecting the integrity and stability of the financial system."
He noted that in 2018 the FATF expanded global AML/CFT/CPF standards to cover virtual assets, requiring countries to assess risks, regulate VASPs, and ensure effective supervision. Yet FATF's June 2025 update shows that many jurisdictions have taken minimal steps toward compliance.
GIABA Flags Widespread Non-Compliance
According to Harris, 16 of 17 assessed member states were rated either non-compliant or partially compliant under Recommendation 15 due to weak national risk assessments, insufficient regulatory frameworks, ineffective supervision, and poor implementation of preventive measures.
He said the widespread use of virtual assets -- characterized by anonymity and ease of cross-border transfers -- poses serious risks if left unregulated.
"Addressing the gaps in the VASPs sector requires close collaboration between the public and private sectors," Harris emphasized. "We must leverage our collective expertise, resources, and commitment to ensure that virtual assets in the GIABA region are safe, transparent, and resilient."
Harris added that the forum, organized with support from the African Development Bank (AfDB), seeks to strengthen capacity and help countries achieve meaningful compliance.
Forum Aims to Strengthen Regional Capacity
He said the program is designed to help member states better interpret FATF standards, improve sectoral risk assessments, build supervisory capacity, and promote sustained coordination between national agencies and private institutions.
Special appreciation, he said, goes to the AfDB for funding the CD4AML project and to partners including the IMF and the Alliance for Financial Inclusion (AFI). Experts such as Rebecca Obare of the IMF and Mariam Jamila Zahari of AFI are leading sessions on risk-based supervision and the links between virtual assets and financial inclusion.
Harris also commended President Joseph Boakai and Liberia's AML/CFT community for their cooperation, including Liberia's recent admission to the Egmont Group.
Finance Minister Ngafuan Declares Forum Open
Finance and Development Planning Minister Augustine Kpehe Ngafuan formally opened the forum, calling the theme "deeply human" despite the technical nature of the discussions.
He said virtual assets have the power to expand opportunities for marginalized groups, but if left unregulated, can also "fuel money laundering, terrorist financing, and more."
"Our collective responsibility is to ensure self-development, not destruction," Ngafuan said.
He noted that while some countries -- including the United States, United Kingdom, Singapore, Nigeria, and South Africa -- have strengthened oversight, others have resorted to outright bans. In West Africa, he said, adoption is accelerating but regulation lags behind.
"This is not about compliance for its own sake," he added. "It is about safeguarding trust and ensuring that innovation becomes a force for inclusion rather than exploitation."
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Ngafuan said the government is prioritizing reforms at the Financial Intelligence Agency (FIA) and other institutions to close systemic AML/CFT gaps.
Central Bank Highlights Training and Research Efforts
Speaking for Central Bank of Liberia Executive Governor Dr. Henry Saamoi, Deputy Governor for Economic Policy Dr. Musa Dukuly said the CBL and FIA are finalizing specialized training programs with the International Monetary Fund.
"These trainings will target the CBL, FIA, law enforcement, supervisory bodies, and other agencies," he said.
Dukuly added that the institutions will soon conduct national research on virtual assets and service providers with support from international partners.
"I am confident that the deliberations in this forum will generate actionable insights to move our member states toward full compliance with FATF standards," he said.
