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Chad’s Money Laundering Prevention and Detection Efforts Face Mixed Reviews

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A recent evaluation by the Financial Action Task Force (FATF) has revealed that Chad has made significant progress in implementing measures to prevent and detect money laundering, but still faces challenges in certain areas.

Compliance with FATF Recommendations

According to the assessment, Chad is “partially compliant” with 14 of the FATF’s 40 recommendations. These include:

• Confiscation and provisional measures
• Customer due diligence
• Record keeping
• Reporting of suspicious transactions

However, the country is also considered “non-compliant” in several key areas, including:

• National cooperation and coordination
• Financial institution secrecy laws
• Transparency and beneficial ownership of legal persons

Progress and Challenges

Chad has made significant strides in implementing a risk-based approach to assessing money laundering threats, as well as targeting terrorist financing through targeted financial sanctions.

However, the country’s efforts to regulate and supervise financial institutions and DNFBPs (designated non-financial businesses and professions) are considered “partially compliant” due to:

• Lack of effective supervision
• Inadequate powers of supervisors

The evaluation also noted that Chad has made progress in establishing a financial intelligence unit and improving international cooperation, particularly with regard to:

• Mutual legal assistance
• Extradition

However, the country’s efforts to prevent money laundering through correspondent banking and wire transfers are considered “partially compliant” due to:

• Lack of effective regulation and supervision

Conclusion

Overall, while Chad has made significant progress in implementing measures to combat money laundering and terrorist financing, the country still faces challenges in certain areas that require further improvement.