Financial Crime World

Chad’s Compliance with Financial Regulations Raises Concerns

A new report has highlighted concerns over compliance with financial regulations in Chad, citing weaknesses in the country’s legal framework and judicial system.

According to sources, the executive power still wields significant influence over the courts, leading to a lack of respect for court orders and constitutional protections. This raises concerns about the rule of law and the ability of individuals and businesses to access justice.

Unequal Treatment Under the Law

The report also notes that foreigners may not always receive equal treatment under the law. However, foreign investors using the court system are generally not subject to interference from the executive branch.

Chad has a mixed legal system combining civil and customary law. The main sources of law include:

  • The Constitution
  • International treaties
  • Acts of Parliament
  • Rules and regulations of the executive branch
  • Ordinances of the government
  • Customary law

Importance of Transparency in Financial Regulation

The report highlights the importance of transparency in financial regulation, but notes that access to national laws online is limited. This lack of transparency raises concerns over compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

In response to these concerns, international organizations and governments are calling on Chad to strengthen its legal framework and improve transparency in financial regulation. This includes:

  • Enhancing the independence and effectiveness of the judiciary
  • Increasing transparency in financial regulation and AML/CFT compliance
  • Providing equal treatment under the law for all individuals and businesses, regardless of nationality

By addressing these concerns, Chad can strengthen its position as a responsible player in the global economy and improve the overall business environment.