The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), in collaboration with the African Development Bank (AfDB), is holding the 4th edition of the GIABA Public-Private Sector Consultative Forum (PPSCF) in Monrovia, Liberia, on 24-26 November 2025.
Held under the theme Risk-based supervision of virtual asset service providers in the GIABA region, the main objective of the meeting is to improve the effective implementation of FATF Recommendation 15 in the region. Specifically, it will deepen Member States’ understanding of FATF Recommendation 15; define principles for conducting sectoral and prudential risk assessments of virtual assets and virtual asset service providers (VAs/VASPs); improve or strengthen the capacity of supervisory authorities for risk-based supervision of the VASP sector; share experiences in developing regulatory frameworks for the VASP sector; and promote coordination and cooperation between public and private actors for the effective implementation of Recommendation 15 and of beneficial ownership requirements.
New technologies and VAs/VASPs have the potential to stimulate financial innovation, increase efficiency and improve financial inclusion. However, they also create new opportunities for criminals and terrorists to launder their proceeds or finance their illicit activities. Against this background, in 2018 the Financial Action Task Force (FATF) extended its global AML/CFT/CPF standards to VAs/VASPs. These standards, particularly Recommendation 15, require countries to assess and mitigate the risks associated with VAs/VASPs. Countries must also ensure that VASPs are subject to adequate AML/CFT/CPF regulation and supervision or monitoring and that they effectively implement the relevant FATF Recommendations.
In addition, the results of GIABA’s 2nd round of mutual evaluations show that implementing the FATF Standards on VAs/VASPs is a fundamental challenge, with 16 of the 17 Member States assessed rated non-compliant or partially compliant with Recommendation 15, owing to strategic deficiencies in national frameworks and in the risk assessment, regulation and risk-based supervision of VAs/VASPs. The slow progress in regulating the VA sector in the region is a matter of great concern, as criminals can launder the proceeds of crime through VAs/VASPs.
As GIABA begins its 3rd round of mutual evaluations, it is necessary to strengthen the capacity of national competent authorities and the private sector to proactively adapt and align their frameworks and programmes with evolving VA/VASP risks, in order to strengthen national AML/CFT/CPF regimes and improve their mutual evaluation performance. The 2025 edition of the Public-Private Sector Consultative Forum will therefore focus, on the one hand, on the regulation and supervision of VAs/VASPs and, on the other, on monitoring the implementation of the West African Commitment on Enhancing Beneficial Ownership Transparency.
The forum is intended for senior officials responsible for the regulation and supervision of VAs/VASPs, relevant regulatory/supervisory authorities, Presidents of national financial intelligence units (CENTIF) and compliance officers responsible for AML/CFT/CPF in financial institutions and designated non-financial businesses and professions (DNFBPs) across the region.
Download the press release
- French version (PDF, 163 KB)
