Financial Crime World

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Chad Falls Short on Banking Regulations Compliance

A recent mutual evaluation by the Financial Action Task Force (FATF) has revealed that Chad has failed to implement several key requirements for combating money laundering and terrorist financing.

Key Areas of Non-Compliance

  • Assessing risk and applying a risk-based approach: Poor score
  • Confiscation and provisional measures: Partially compliant
  • Financial institution secrecy laws: Non-compliant
  • Customer due diligence: Non-compliant
  • Record keeping: Non-compliant
  • Reporting of suspicious transactions: Non-compliant

Areas of Improvement

  • National cooperation and coordination: Largely compliant
  • Transparency and beneficial ownership of legal persons: Compliant
  • Guidance and feedback: Compliant

The FATF’s recommendations are designed to ensure that countries have adequate measures in place to prevent the misuse of their financial systems for illicit activities. The report’s findings suggest that Chad has significant work to do to bring its anti-money laundering and counter-terrorist financing framework into line with international standards.

Weaknesses Identified

  • Weak laws and regulations related to money laundering and terrorist financing
  • Shortcomings in supervisory and enforcement mechanisms
  • Lack of transparency and accountability in certain areas, such as beneficial ownership of legal persons and entities

The FATF has called on Chad to address these deficiencies and implement the necessary reforms to improve its compliance with international standards. Failure to do so could have serious consequences for the country’s financial reputation and stability.

FATF Recommendations Scorecard

Here is a breakdown of Chad’s compliance with each of the 40 FATF recommendations:

  • R.1 - Assessing risk & applying risk-based approach: NC
  • R.2 - National cooperation and coordination: LC
  • R.3 - Money laundering offence: C
  • R.4 - Confiscation and provisional measures: PC
  • … (and so on for the remaining 39 recommendations)

Note: C = compliant, LC = largely compliant, PC = partially compliant, NC = non-compliant.