Financial Crime World

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Burkina Faso’s Financial Crime Data Analysis Reveals Mixed Performance

A recent report by the Financial Action Task Force (FATF) has shed light on Burkina Faso’s efforts to combat financial crime. The country’s follow-up report for 2023 provides a comprehensive assessment of its implementation of the FATF Recommendations.

Assessment of Compliance

According to the report, Burkina Faso demonstrates mixed compliance with the technical requirements of the FATF Recommendations. While there are areas where the country has made significant progress, others require further improvement.

Risk Assessment and Risk-Based Approach

  • Burkina Faso is largely compliant in assessing risk and applying a risk-based approach (R.1), indicating that it has implemented measures to identify and mitigate risks associated with money laundering and terrorist financing.
  • However, there are still some deficiencies in the country’s risk assessment framework.

National Cooperation and Coordination

  • Burkina Faso is also largely compliant in national cooperation and coordination (R.2), with a robust framework in place for coordination between different government agencies and stakeholders.
  • Nevertheless, there are still some challenges in ensuring effective information sharing and communication among authorities.

Other Areas of Compliance

  • In areas such as confiscation and provisional measures (R.4) and targeted financial sanctions related to terrorism and terrorist financing (R.6), Burkina Faso is partially compliant, indicating that it has made significant progress but still faces challenges in implementing these measures effectively.
  • The report also highlights areas where Burkina Faso requires improvement, such as:
    • Customer due diligence (R.10)
    • Record keeping (R.11)
    • Regulation and supervision of financial institutions (R.26)
    • Powers of supervisors (R.27)

Conclusion

While Burkina Faso has made significant progress in implementing the FATF Recommendations, there are still areas that require attention and improvement to ensure effective combating of financial crime.

The report provides a comprehensive assessment of Burkina Faso’s compliance with the FATF Recommendations, highlighting both strengths and weaknesses. The findings will serve as a valuable tool for policymakers, regulators, and other stakeholders in their efforts to strengthen the country’s anti-money laundering and counter-terrorist financing framework.