Chad’s Compliance Monitoring and Reporting Under Scrutiny

A recent report has shed light on Chad’s compliance with international anti-money laundering and combating the financing of terrorism (AML/CFT) standards. The country’s ratings, which reflect its implementation of the Financial Action Task Force (FATF) Recommendations, have been assessed as part of a mutual evaluation.

Key Findings

The assessment revealed that Chad is partially compliant with several key requirements. Specifically, it has made progress in implementing measures to prevent money laundering and terrorist financing, but there are areas where improvement is needed.

Areas for Improvement

• Strengthen national cooperation and coordination efforts
• Improve regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs)
• Enhance customer due diligence and record-keeping requirements

Progress Made

Chad has been found compliant with some key recommendations, including:

• Confiscation of assets linked to criminal activity
• Powers of supervisors
• Targeted financial sanctions related to terrorism and terrorist financing

However, the report also identified areas where Chad is non-compliant or largely compliant. These include:

• Laws and regulations related to financial institution secrecy
• Reliance on third parties for AML/CFT measures

Conclusion

The assessment concludes that Chad has made significant progress in implementing AML/CFT measures, but there are still areas where improvement is needed to bring the country into full compliance with international standards.