Financial Crime World

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DJIBOUTI’S AML/CFT REGULATIONS UNDER SCRUTINY: A GLOBAL PERSPECTIVE

Global financial watchdogs have recently evaluated Djibouti’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The country’s compliance with international standards has been rated across 40 key recommendations.

Areas of Compliance

According to the report, Djibouti is largely compliant in areas such as:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Areas of Partial Compliance

However, the country received partial compliance ratings in several key areas, including:

  • Money laundering offense (R.3)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offense (R.5)
  • Non-profit organizations (R.8)
  • New technologies (R.15)

Areas of Non-Compliance

Djibouti also failed to meet international standards in certain areas, such as:

  • Effective regulation and supervision of financial institutions (R.26)
  • DNFBPs (R.28)
  • Cash couriers (R.32)
  • Transparency and beneficial ownership requirements for legal persons and arrangements (R.24 and R.25)

Strengths

Despite these concerns, the report notes several strengths in Djibouti’s AML/CFT framework, including:

  • Customer due diligence requirements (R.10)
  • Record keeping (R.11)
  • Internal controls (R.18)

Conclusion

The assessment concludes that while Djibouti has made progress in implementing AML/CFT regulations, there are still significant gaps to be addressed to ensure the country’s financial system is secure and resilient against money laundering and terrorist financing threats.

FULL ASSESSMENT REPORT AVAILABLE HERE

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This article provides a comprehensive overview of Djibouti’s AML/CFT regulations and compliance with international standards.