Financial Crime World

Burkina Faso Takes Steps to Enhance Financial Crime Prevention

Strengthening Financial System Against Illicit Activities

In a bid to strengthen its financial system and prevent illicit activities, Burkina Faso has made significant strides in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations. A recent follow-up report from the FATF highlights the country’s progress in addressing key areas related to anti-money laundering and combating the financing of terrorism (AML/CFT).

Progress Achieved

Burkina Faso has demonstrated significant improvement in several areas, including:

Risk Assessment

  • The country has implemented a risk-based approach to assessing and managing risks related to money laundering and terrorist financing.

National Cooperation and Coordination

  • Burkina Faso has strengthened its cooperation and coordination among various stakeholders, including law enforcement agencies, financial institutions, and regulatory bodies.

Areas Requiring Improvement

However, the report also identifies areas where Burkina Faso needs to improve, such as:

Confiscation and Provisional Measures

  • The country’s laws and regulations require strengthening to ensure effective confiscation of assets related to money laundering and terrorist financing.

Terrorist Financing Offense

  • Burkina Faso’s laws need to be updated to include a specific offense for terrorist financing.

FATF Recommendations

The FATF Recommendations aim to prevent financial systems from being used for illicit activities, such as:

  • Money laundering
  • Terrorist financing
  • Proliferation financing

These recommendations cover a range of areas, including:

  • Customer due diligence
  • Record-keeping
  • International cooperation

Conclusion

Burkina Faso’s progress in implementing the FATF Recommendations is a positive step towards enhancing its financial system and preventing financial crime. However, the country must continue to work on addressing the identified gaps to ensure full compliance with the recommendations.

The FATF will continue to monitor Burkina Faso’s progress and provide guidance and feedback to support its efforts in implementing effective AML/CFT measures.