Financial Crime World

Burkina Faso’s Strategy for Sustainable Development Fosters Well-being of Its People

In an effort to promote the well-being of its people and tackle pressing challenges, Burkina Faso has embarked on a strategy for sustainable development that focuses on four main areas: accelerating growth, consolidating human capital and social protection, strengthening governance, and mainstreaming cross-cutting priorities in policies and programs.

Combating Crime and Corruption

Burkina Faso faces several threats, including the prevalence of predicate crimes such as drug trafficking and cannabis cultivation. The country has also struggled with corruption, which hampers its efforts to combat these issues. To address this, Burkina Faso has strengthened its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Progress in AML/CFT

While progress has been made, there are still significant challenges ahead. In 2012, only 17 suspicious transaction reports were filed with the Financial Intelligence Unit (FIU), highlighting a lack of active involvement from other reporting entities. The FIU also faces challenges in processing these reports due to limited personnel and resources.

Technical Assistance Needed

To overcome these challenges, Burkina Faso requires technical assistance for various training activities, including those designed for regulatory, supervisory, judicial, and law enforcement officials. The FIU also needs funding for study trips to foreign FIUs to optimize its performance.

Priorities for the Future

To move forward, Burkina Faso must:

  • Strengthen customer due diligence measures in the financial system
  • Improve supervision and monitoring of reporting entities
  • Enhance international cooperation
  • Establish an effective National AML/CFT Strategy and Inter-Ministerial Committee at the technical level to coordinate efforts in fighting these scourges

Conclusion

Burkina Faso’s strategy for sustainable development aims to foster the well-being of its people while addressing pressing challenges such as crime, corruption, and insecurity. While progress has been made, there are still significant challenges ahead. With continued support and assistance, Burkina Faso can strengthen its AML/CFT regime and work towards a safer and more prosperous future for all its citizens.