Financial Crime World

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Burkina Faso’s Due Diligence in Finance: A Comprehensive Review

In its ongoing efforts to combat financial crime, Burkina Faso has made significant strides in implementing the Financial Action Task Force (FATF) Recommendations. The country’s commitment to technical compliance has been evaluated by FATF experts, who have provided a comprehensive assessment of its progress.

Assessment Highlights

Burkina Faso’s performance in implementing the FATF Recommendations is mixed. While it has made significant strides in several areas, there are still some critical gaps that need to be addressed. The country received “largely compliant” ratings for many recommendations, indicating that it has implemented the requirements effectively.

However, Burkina Faso was found to be non-compliant with certain recommendations, including those related to transparency and beneficial ownership of legal persons and arrangements. Additionally, it received “partially compliant” ratings in several areas, such as confiscation and provisional measures, terrorist financing offences, and customer due diligence.

Key Findings

The assessment highlighted several key findings, including:

  • Burkina Faso has made significant progress in assessing risk and applying a risk-based approach to combating financial crime.
  • The country has also improved its national cooperation and coordination efforts.
  • However, it has struggled with implementing measures related to non-profit organizations, financial institution secrecy laws, and new technologies.

Recommendations for Improvement

The FATF experts provided several recommendations for improvement, including:

  • Strengthening transparency and beneficial ownership requirements for legal persons and arrangements.
  • Enhancing customer due diligence and record-keeping practices.
  • Improving cooperation with foreign jurisdictions to combat terrorist financing and money laundering.
  • Increasing the powers of supervisors and law enforcement agencies.

Conclusion

Burkina Faso’s commitment to implementing the FATF Recommendations is commendable, but there is still work to be done. The country must address its outstanding deficiencies to ensure that it can effectively combat financial crime and maintain its reputation as a responsible member of the global financial community.