Financial Crime World

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Burkina Faso’s Financial Institution Security Standards Leave Room for Improvement

A recent assessment of Burkina Faso’s financial institution security standards has revealed a mixed bag, with some areas requiring significant improvement. The country’s ratings reflect its progress in implementing key recommendations from the Financial Action Task Force (FATF), an international organization that sets global standards to combat money laundering and terrorist financing.

Progress Made

The assessment highlights several strengths in Burkina Faso’s financial institution security landscape, including:

  • Risk-based approach: The country has made efforts to establish a risk-based approach to combating financial crime.
  • Targeted financial sanctions: Burkina Faso has also made progress in implementing targeted financial sanctions related to terrorism and proliferation.

Areas for Improvement

However, the report identifies areas where the country falls short of international standards. Notably:

  • Money laundering offenses: Burkina Faso is rated as partially compliant with requirements related to money laundering offenses.
  • Terrorist financing offenses: The country is also partially compliant with requirements related to terrorist financing offenses.
  • Targeted financial sanctions: Burkina Faso’s laws and regulations regarding targeted financial sanctions require improvement.
  • Financial institution secrecy: The country’s laws and regulations regarding financial institution secrecy also need strengthening.

Key Areas for Improvement

The assessment notes that Burkina Faso has room for improvement in several key areas, including:

  • Customer due diligence: The country must strengthen its customer due diligence processes to meet international standards.
  • Record keeping: Record keeping practices in Burkina Faso require improvement to ensure compliance with FATF recommendations.
  • Reliance on third parties: The country must also improve its reliance on third parties to prevent and combat money laundering and terrorist financing.
  • Internal controls: Internal controls and foreign branches and subsidiaries of financial institutions in Burkina Faso require strengthening to meet international standards.

Conclusion

In conclusion, while Burkina Faso has made progress in strengthening its financial institution security standards, there is still much work to be done. The country must continue to address areas of non-compliance and partially compliance to meet international standards and protect its financial system from illicit activities. By implementing the FATF recommendations, Burkina Faso can better prevent and combat money laundering and terrorist financing, maintaining the trust of its citizens and international partners.