Title: Benin Financial Intelligence Unit: Leading the Fight Against Money Laundering and Terrorism Financing in West Africa

Subtitle: A New Chapter in Combating Financial Crimes in West Africa

The Benin Financial Intelligence Unit (BFIU), established in 2013, has taken the lead in combating money laundering and terrorism financing in West Africa. As a statutory organization, the BFIU’s primary mission is to:

1. Assist the government in combating financial crimes
2. Protect the integrity and stability of Benin’s financial system

Legal Framework and Operations

BFIU has developed a robust legal framework to combat financial crimes within Benin. The unit’s responsibilities include:

1. Monitoring and supervising anti-money laundering and anti-terrorism financing controls and systems
2. Producing intelligence products based on relevant classified information
3. Operating in multiple ECOWAS member countries

Egmont Group’s Regional Representative

BFIU strengthened its regional role by becoming the Egmont Group’s Regional Representative, facilitating the exchange of expertise and financial intelligence with other countries.

2021 Highlights

Throughout 2021, BFIU monitored numerous transactions, focusing on preventing illicit activities. The unit:

• Reported a total of 15,564 transactions
• Achieved success in 8,064 transactions
• Pending investigations in 2,354 transactions
• Blocked 1,930 transactions

Significant Enforcement Actions

BFIU has imposed significant fines on non-compliant entities. For instance, all insurance companies operating in Cotonou were fined earlier this year for violations, non-compliance, and obstruction.

The Future: Greater Powers and Regulation

BFIU’s Director-General, Asogba, expressed optimism regarding the implementation of the amended and restated PFM Act of 2009. This amendment will provide the BFIU with greater powers to regulate reporting entities more effectively, bolstering Benin’s efforts in combating financial crimes and maintaining a stable financial system.