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Niger’s Anti-Money Laundering and Counter-Terrorist Financing Measures

In recent years, Niger has made significant progress in strengthening its anti-money laundering (AML) and counter-terrorism financing (CFT) measures. This article provides an overview of the country’s AML/CFT system and identifies areas for improvement.

Key Findings

According to a recent report by the International Cooperation Review Group (ICRG), Niger has initiated its first National Money Laundering/Terrorist Financing Risk Assessment (NRA) process, which was inclusive and involved participation from various stakeholders. The assessment covered key sectors, including:

  • Banking
  • Insurance
  • Securities
  • Non-profit organizations

However, the report highlights several areas for improvement, including:

  • A lack of sensitization sessions to ensure better ownership among stakeholders.
  • No specific study conducted on the non-profit organization (NPO) sector, which is exposed to terrorist financing risks.

Understanding ML/TF Risks

The report notes that overall, the understanding of money laundering and terrorist financing risks in Niger is considered satisfactory, although not at the same level for all sectors. Specifically:

  • Law enforcement authorities and the national intelligence agency have a good understanding of these risks.
  • Financial sector supervisors generally have a good grasp of the risks in their respective sectors.

However, self-regulatory bodies (SRBs) and customs and taxation departments have limited understanding of ML/TF risks. The report highlights the need for improved training and awareness among these agencies to enhance the effectiveness of Niger’s AML/CFT system.

Recommendations

To address the identified areas for improvement, the report recommends:

  • Conducting a specific study on the NPO sector to better characterize its profile and exposure to terrorist financing risks.
  • Implementing sensitization sessions to ensure better ownership among stakeholders of the NRA findings.
  • Enhancing training and awareness programs for self-regulatory bodies, customs and taxation departments, and other relevant agencies.
  • Improving cooperation and information sharing between law enforcement authorities, financial sector supervisors, and other relevant agencies.

By addressing these areas for improvement, Niger can further strengthen its AML/CFT system and enhance its effectiveness in combating money laundering and terrorist financing.