TORONTO CENTRE AND GIABA ANNOUNCE THE SIGNING OF A MOU
TORONTO, November 7, 2025 - The Toronto Centre for Global Leadership in Financial Supervision (Toronto Centre) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) are pleased to announce the signing of a memorandum of understanding (MOU) to deepen collaboration in combatting of money laundering and the financing of terrorism (AML/CFT).
Money laundering and terrorist financing pose serious threats to financial (and general) stability and integrity of a country. They can lead to banking crises, governance weaknesses, and wider economic repercussions. This MOU outlines the efforts that Toronto Centre and GIABA are taking to combat these offenses, including the delivery of programs for financial supervisors in GIABA member jurisdictions that will enhance their AML/CFT toolkits, in accordance with the standards of the Financial Action Task Force.
Babak Abbaszadeh, President and CEO, Toronto Centre, stated:
“The MOU with GIABA highlights our shared commitment to strengthening the global response to money laundering and the financing of terrorism. By investing in training and capacity building, we are empowering financial supervisors to lead with integrity and safeguard the resilience of the financial system. We are honoured to partner with GIABA.”
Mr. Edwin W. Harris Jr., Director General, GIABA, also shared his thoughts on the MOU:
“This MOU represents a strategic milestone in our efforts to strengthen AML/CFT frameworks across West Africa. By combining our regional expertise with Toronto Centre’s global leadership in financial supervision, we are enhancing the capacity of our member States to safeguard financial integrity and promote sustainable development.”
Together, Toronto Centre and GIABA are committed to furthering AML/CFT measures in West Africa, ensuring the financial stability of vulnerable populations in the region.
To learn more about the missions and initiatives of Toronto Centre and GIABA, please visit our respective websites as follows:
Toronto Centre - https://torontocentre.org/
GIABA - https://www.giaba.org/