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Chad Fails to Meet Anti-Money Laundering Standards, Ratings Show
A recent assessment by the Financial Action Task Force (FATF) has revealed that Chad’s efforts to combat money laundering and terrorist financing are falling short. The country received ratings across various aspects of its anti-money laundering laws, with some areas showing significant room for improvement.
Risk-Based Approach Falls Short
According to the report, Chad has not fully implemented a risk-based approach to assess and mitigate money laundering risks. This failure to identify and address high-risk areas puts the country’s financial system at greater risk of being exploited by criminals.
Coordination Gaps Identified
The assessment also highlighted gaps in national cooperation and coordination between various government agencies responsible for combating money laundering and terrorist financing. This lack of communication and collaboration can hinder effective enforcement and prosecution of cases.
Confiscation and Provisional Measures Inadequate
Chad’s laws regarding confiscation and provisional measures to prevent the dissipation of assets are also considered partially compliant. This means that authorities may struggle to freeze and seize assets linked to criminal activity, potentially allowing criminals to evade justice.
Other Areas for Improvement
The report identified additional areas where Chad needs to improve, including:
- Laws related to terrorist financing
- Financial institution secrecy
- Customer due diligence
- Record-keeping
The country also needs to strengthen its powers of supervisors, regulation and supervision of financial institutions, and international cooperation in areas such as mutual legal assistance and extradition.
FATF Recommendations
The FATF has issued a number of recommendations to Chad aimed at improving its anti-money laundering regime. These include:
- Implementing a risk-based approach
- Strengthening national cooperation and coordination
- Enhancing the powers of supervisors and law enforcement agencies
Conclusion
Chad’s failure to meet international standards on anti-money laundering laws poses significant risks to its financial system and stability. The country must take immediate action to address these shortcomings and implement effective measures to prevent money laundering and terrorist financing.