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Burundi Set to Join Global Fight Against Financial Crimes with Establishment of Financial Intelligence Unit

Burundi is taking a significant step towards combating financial crimes by establishing its own Financial Intelligence Unit (FIU). The country is receiving support from the Common Market for Eastern and Southern Africa (COMESA) to conform to international standards set by the Financial Action Task Force (FATF).

Support from COMESA

COMESA’s Regional Maritime Security program, which covers Eastern and Southern Africa and the Indian Ocean region, has sponsored a benchmarking tour of the FIU Unit in Mauritius for officials from Burundi’s FIU Board. The board comprises security and customs officers. A similar visit is planned to Uganda Financial Intelligence Authority later this year.

Core Functions of FIUs

The core functions of FIUs include:

• Receiving and analyzing suspicious transaction reports from reporting entities
• Disseminating intelligence to law enforcement agencies and other FIUs upon request

FATF International Standards

The FATF is a global watchdog that sets international standards to prevent money laundering, terrorist financing, and proliferation financing. Burundi’s benchmarking visits to advanced FIUs are part of the conditions set for its membership in the Eastern and Southern Africa Anti-Money Launderling Group (ESAAMLG), a FATF-style regional body.

Benefits of Establishing an FIU

The establishment of Burundi’s FIU is expected to strengthen the country’s anti-money laundering regime and enhance its ability to combat financial crimes. The country will also benefit from continuous capacity building opportunities and enhanced collaboration with other member states.

COMESA’s MASE Program

COMESA has been implementing the MASE program since 2015, supporting 12 countries in the region to strengthen their anti-money laundering regimes. Burundi is the second country supported by COMESA’s MASE program to undertake benchmarking visits, following Eritrea’s delegation visit to Seychelles in 2016.

Quote from COMESA

“COMESA has compelled to invest support towards creation and strengthening of FIUs in the ESA-IO region to effectively deliver on their AML/CFT mandates, in line with FATF international standards,” said Ms. Dalitso Bonongwe, COMESA MASE Coordinator. “A well-functioning FIU is crucial for every national anti-money laundering and combating financing of terrorism agenda.”