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Chad’s Financial System Plagued by Corruption and Crime, Report Reveals

A recent report has painted a bleak picture of Chad’s financial system, highlighting rampant corruption and crime. The country’s efforts to comply with international anti-money laundering standards have been found wanting, according to the assessment.

Compliance with International Anti-Money Laundering Standards

The report evaluates Chad’s technical compliance with the Financial Action Task Force (FATF) Recommendations and reveals that the country has struggled to implement key measures aimed at preventing financial crimes such as money laundering and terrorist financing.

• Progress Made: Chad has made some progress in implementing anti-money laundering regulations, but significant gaps remain.
• Lack of Effectiveness: The country’s laws and regulations on confiscation and provisional measures are only partially compliant.

Weaknesses in Financial Institution Secrecy Laws

The report highlights weaknesses in Chad’s financial institution secrecy laws, record-keeping requirements, and customer due diligence procedures. Its correspondent banking and wire transfer systems have been found to be partly compliant, while its reliance on third parties and internal controls has raised concerns.

Lack of Transparency and Effective Regulation

The report criticizes Chad’s lack of transparency in beneficial ownership of legal persons and arrangements, as well as its failure to regulate and supervise financial institutions effectively. The country’s financial intelligence units are also deemed ineffective, and its law enforcement agencies lack the necessary powers to investigate and prosecute financial crimes.

Conclusion and Recommendations

The report concludes that Chad has a long way to go in addressing financial crime and corruption, and urges the government to take immediate action to strengthen its anti-money laundering regime and improve cooperation with international partners.