Financial Crime World

Here is the rewritten article in Markdown format:

FATF Recommendations in Central African Republic: A Mixed Bag

The Financial Action Task Force (FATF) has released its latest report on the Central African Republic’s implementation of anti-money laundering and combatting the financing of terrorism (AML/CFT) recommendations. The country received a mixed bag of ratings, with some areas showing significant progress while others require further improvement.

Areas of Progress

According to the report, Benin received a rating of “Largely Compliant” in several areas, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Confiscation and provisional measures (R.4)
  • Terrorist financing offence (R.5)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Regulation and supervision of financial institutions (R.26)

Benin also demonstrated progress in:

  • Regulation and supervision of DNFBPs (R.28)
  • Powers of supervisors (R.27)

Areas Requiring Improvement

However, Benin fell short in several areas, including:

  • Non-profit organisations (R.8)
  • Financial institution secrecy laws (R.9)
  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Reliance on third parties (R.17)

Benin also received a “Non-Compliant” rating for its handling of:

  • Higher-risk countries (R.19)
  • Transparency and beneficial ownership of legal persons and arrangements (R.24)

Conclusion

The FATF report provides a comprehensive assessment of Benin’s implementation of the AML/CFT recommendations, highlighting areas where the country has made progress and those that require further improvement. The report will be used to inform the FATF’s decision on Benin’s membership status and to provide guidance for the country’s anti-money laundering and combatting the financing of terrorism efforts.