Niger’s Financial Institutions Failing to Meet Anti-Money Laundering Standards

A recent report has highlighted a series of deficiencies in Niger’s anti-money laundering (AML) and counter-terrorism financing (CFT) measures, putting the country at risk of being exploited by criminal networks.

Deficiencies Identified

The report identified several key deficiencies in Niger’s AML/CFT measures, including:

• Lack of understanding of money laundering and terrorist financing risks among certain sectors
• Inadequate coordination between different government agencies
• Limited understanding of money laundering and terrorist financing risks among some sectors, including customs and taxation departments

National Money Laundering/Terrorist Financing Risk Assessment (NRA) Process

The report found that while Niger has initiated its first NRA process, there is still much work to be done. For example:

• The authorities did not carry out a specific study of the non-profit organization (NPO) sector, despite recognizing it as a high-risk area
• More needs to be done to reform laws relating to the organization and supervision of the NPO sector

Recommendations

To enhance Niger’s AML/CFT system, the report made several recommendations, including:

Conduct a comprehensive risk assessment of the non-profit organization (NPO) sector to better understand its exposure to terrorist financing risks.

Improve coordination between government agencies to ensure that AML/CFT measures are effective.

Increase public awareness of money laundering and terrorist financing risks through sensitization sessions and training programs for relevant stakeholders.

Conclusion

Niger’s financial institutions must take immediate action to address the deficiencies identified in this report to prevent the country from being exploited by criminal networks. The implementation of these recommendations will be crucial in enhancing Niger’s AML/CFT system and reducing the risk of money laundering and terrorist financing.