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Burkina Faso’s Efforts to Prevent Money Laundering Under Scrutiny

A recent report has shed light on Burkina Faso’s progress in implementing measures to prevent money laundering and terrorist financing. The country received a mixed assessment, with some areas requiring improvement.

Progress Made

According to the report, Burkina Faso has made significant strides in:

Assessing risk and applying a risk-based approach (R.1)
National cooperation and coordination (R.2)
Combating terrorist financing (R.5)
Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Areas Requiring Improvement

However, the report notes that Burkina Faso needs to improve in several areas, including:

Fully implementing laws related to money laundering offenses (R.3), confiscation and provisional measures (R.4), and financial institution secrecy laws (R.9)
Better regulation and supervision of financial institutions (R.26) and DNFBPs (R.28)

Compliance Areas

The report highlights several areas where Burkina Faso is compliant, including:

Customer due diligence (R.10)
Record keeping (R.11)
Politico-exposed persons (R.12)
Correspondent banking (R.13)
Money or value transfer services (R.14)
Reporting of suspicious transactions (R.20)

Progress in New Technologies and Transparency

The report also notes that Burkina Faso has made progress in implementing measures related to:

New technologies (R.15)
Transparency and beneficial ownership of legal persons and arrangements (R.24)

Areas Requiring Further Attention

However, the country still requires improvement in several areas, including:

Internal controls and foreign branches and subsidiaries (R.18)
Higher-risk countries (R.19)
Powers of supervisors (R.27)

Conclusion

Overall, the report concludes that while Burkina Faso has made significant progress in implementing anti-money laundering measures, there are still several areas requiring attention to ensure the country’s financial system remains stable and secure.

In related news, a senior official from the Financial Action Task Force (FATF) has called on Burkina Faso to intensify its efforts to combat money laundering and terrorist financing. The official emphasized that effective implementation of anti-money laundering measures is crucial for preventing financial crimes and protecting the integrity of the global financial system.