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Burkina Faso Struggles to Implement Anti-Money Laundering Laws

In a recent evaluation, Burkina Faso received mixed ratings for its implementation of anti-money laundering (AML) laws. The country scored well on certain aspects, such as:

• Assessing risk and applying a risk-based approach
• National cooperation and coordination
• Targeted financial sanctions related to terrorism and terrorist financing

However, Burkina Faso fell short in several areas, including:

Regulation and Supervision of Non-Profit Organizations

The country struggled with regulating and supervising non-profit organizations, which is a critical aspect of preventing money laundering.

Financial Institution Secrecy Laws

Burkina Faso’s financial institution secrecy laws were found to be inadequate, making it difficult to track suspicious transactions.

Transparency and Beneficial Ownership of Legal Persons and Arrangements

The country lacked transparency in the beneficial ownership of legal persons and arrangements, making it challenging to identify and prevent money laundering.

Implementation of Measures to Combat Money or Value Transfer Services

Burkina Faso struggled with implementing measures to combat money or value transfer services, new technologies, and wire transfers.

Specific Weaknesses

The evaluation highlighted several specific weaknesses, including:

• Lack of effective internal controls
• Inadequate reporting of suspicious transactions
• Insufficient powers of supervisors
• Financial intelligence unit, law enforcement, and investigative authorities lacking in certain areas
• Cash couriers lacking in certain areas

While Burkina Faso has made some progress in implementing AML laws, it still faces significant challenges in its fight against money laundering and terrorist financing. The international community is urging the country to address these shortcomings and strengthen its AML regime to prevent financial crimes and protect its economy.

Room for Improvement

The evaluation also noted that Burkina Faso has room for improvement in areas such as:

• Guidance and feedback
• Sanctions
• International cooperation, including mutual legal assistance and extradition