Financial Crime World

Burkina Faso’s Institutions Demonstrate Good Understanding of AML/CFT Risks

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A recent assessment by the West African Monetary and Economic Union (UEMOA) Banking Commission and the International Organization for Migration and Development (GIABA) has highlighted that Burkina Faso’s financial institutions have shown a good understanding of Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) risks.

Key Findings

  • Large banks and some non-bank financial institutions have implemented robust AML/CFT systems, including customer due diligence, ongoing monitoring of transactions, and reporting of suspicious transactions.
  • Designated non-financial businesses and professions (DNFBPs), such as casinos and money service businesses, are also implementing AML/CFT measures, although some gaps remain.
  • The Financial Intelligence Unit (FIU) is cooperating with foreign authorities and has a good reputation for providing timely information.
  • International cooperation is generally satisfactory, with Burkina Faso receiving assistance from other countries.

Priority Actions

To strengthen Burkina Faso’s AML/CFT regime, the assessment recommends several priority actions:

National AML/CFT Policy

Develop a national policy based on the risks identified in the National Risk Assessment (NRA) and map out a timeline for regular updating of the NRA.

Strengthen National Cooperation and Coordination

  • Sensitize all relevant institutions and stakeholders on their roles and ensure that non-bank financial institutions and DNFBPs have a better understanding of AML/CFT risks in their sectors.
  • Implement a system to monitor and report suspicious transactions, and establish a national coordination mechanism for AML/CFT activities.

Enhance International Cooperation

  • Strengthen cooperation with foreign authorities through regular information exchange, joint inspections, and mutual assistance requests.
  • Establish a framework for international cooperation and ensure that all relevant institutions have the necessary resources to participate in international investigations.

By implementing these priority actions, Burkina Faso can further strengthen its AML/CFT regime and enhance the country’s reputation as a responsible financial center.