Financial Crime World

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Cybercrime Threatens Burkina Faso’s Financial Industry

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In a worrying trend, cybercrime is increasingly posing a threat to the financial industry in Burkina Faso. With the country’s digital economy rapidly expanding, authorities are scrambling to put in place robust measures to combat this growing menace.

Addressing the Issue

To address the issue, the Ministry of the Development of Digital Economy has identified cybersecurity as one of its top priorities. In 2018, the government launched a National Strategy for the Development of the Digital Economy and a National Cybersecurity Strategy, which includes a framework for combating cybercrime.

New Cybercrime Legislation

In recent years, Burkina Faso’s cybercrime legislation has undergone significant reforms to align with international standards. The country ratified the Budapest Convention on Cybercrime in 2019, and new laws have been enacted to strengthen its cybersecurity landscape.

  • The government has established specialized institutions to tackle cybercrime, including:
    • National Agency on the Promotion of ICTs (ANPTIC)
    • Center on Cybersecurity in Burkina Faso (CIRT)
    • Data Protection Commission (CIL)

International Cooperation

Burkina Faso is working closely with international partners to combat cybercrime. The country has signed agreements with regional organizations, including:

  • Network of West African Central Authorities and Prosecutors against Organized Crime (WACAP)
  • INTERPOL

The soon-to-be operational Central Cybercrime Brigade will be responsible for treating MLA requests and providing a 24/7 point of contact for international cooperation. A point of contact for national and international service providers will also be established within the brigade.

Jurisprudence and Case Law

Despite the efforts to combat cybercrime, there is still a lack of jurisprudence and case law in Burkina Faso. However, authorities are working to develop a more robust legal framework to prosecute cybercriminals.

Conclusion

Cybercrime poses a significant threat to Burkina Faso’s financial industry, but the government is taking steps to address this issue. The establishment of specialized institutions, new legislation, and international cooperation will help combat this growing menace. However, more needs to be done to develop a robust legal framework and increase awareness among the public and businesses about the risks of cybercrime.