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Financial Sanctions and Compliance in Chad: FATF Recommendations Evaluation

The Financial Action Task Force (FATF) has evaluated Chad’s financial system to assess its implementation of technical requirements aimed at combating money laundering, terrorist financing, and proliferation financing. The evaluation, conducted in 2023, revealed a mixed picture of compliance with international standards.

Assessing Risk and Applying a Risk-Based Approach

• Chad was found non-compliant in this aspect, failing to adequately assess the risk of money laundering and terrorist financing.
• This lack of assessment hinders the country’s ability to effectively combat these financial crimes.

National Cooperation and Coordination

• The country was also deemed non-compliant in terms of national cooperation and coordination among its financial intelligence unit, law enforcement agencies, and other relevant authorities.
• Effective coordination is crucial for identifying and addressing money laundering and terrorist financing threats.

Money Laundering Offence

• Chad was found partially compliant, with some progress made in criminalizing money laundering but still lacking in its implementation and enforcement.
• While the country has taken steps to criminalize money laundering, it needs to improve its ability to effectively investigate and prosecute these crimes.

Confiscation and Provisional Measures

• The country received a partial compliance rating, as while it has implemented measures to confiscate proceeds of crime, there are concerns over the effectiveness of these measures.
• The confiscation of ill-gotten gains is essential for disrupting money laundering and terrorist financing operations.

Terrorist Financing Offence

• Chad was found largely compliant, with a criminalized terrorist financing offence in place but some concerns remaining regarding its implementation and enforcement.
• While the country has taken steps to criminalize terrorist financing, it needs to improve its ability to effectively investigate and prosecute these crimes.

Targeted Financial Sanctions Related to Terrorism and Terrorist Financing

• The country received a non-compliance rating, lacking effective mechanisms for imposing targeted financial sanctions on individuals and entities involved in terrorism and terrorist financing.
• Targeted sanctions are essential for disrupting the financial networks of terrorist organizations.

Other Areas of Concern

• Chad was found non-compliant or partially compliant in other areas, including:
  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • International cooperation
  • Transparency and beneficial ownership information
• These shortcomings raise concerns about the country’s ability to prevent financial crimes and protect its economy.

Areas of Compliance

• Chad was found compliant in some aspects, such as:
  • Criminalization of terrorist financing
  • Efforts to implement a risk-based approach to combating money laundering
• While there is room for improvement, these areas demonstrate progress towards compliance with international standards.

The FATF recommendations aim to ensure that countries have effective measures in place to prevent the misuse of their financial systems for illicit activities. The evaluation highlights areas where Chad needs to improve its compliance with international standards to prevent financial crimes and protect its economy.