Financial Crime World

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Highest Authorities Urged to Improve AML/CFT Regime

From April 24 to 26, Niger’s highest authorities were urged to step up their efforts in improving the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.

Key Developments

  • Since the establishment of the Haute Autorité de Lutte contre la Corruption et les Infractions Assimilées (HALCIA), several high-profile individuals have been interrogated and put through detention hearings for allegedly smuggling goods.
  • The Justice Ministry has also set up a hotline to allow citizens to report cases of corruption.
  • The National Counter Terrorism Committee at the Ministry of Foreign Affairs has been revived, with its structure modified to include the Financial Intelligence Unit (FIU) and the West African Economic and Monetary Union (WAEMU).

AML/CFT Progress

  • Niger’s CFT law is now compliant with WAEMU community law.
  • The FIU enjoys better working conditions, with increased funding, new equipment, and a financial analyst sponsored by GIABA to process Suspicious Transaction Reports (STRs).
    • The FIU has received seven STRs in 2012, of which five were processed and referred to the Public Prosecutor.
    • It has also conducted four administrative seizures to investigate cases of money laundering and/or terrorist financing.

Cooperation and Technical Assistance

  • Niger has strengthened its cooperation with other Financial Intelligence Units (FIUs), signing agreements with the Ghana FIC and Gabon FIU in 2012.
  • The FIU has also embarked on study tours to learn best practices from foreign FIUs, including TRACFIN (France), CTIF (Belgium), and others.
  • GIABA has provided technical assistance to Niger, recruiting a financial analyst for the FIU and sponsoring newly appointed members of the FIU to a study tour in Belgium.

Recommendations

  • To further improve its AML/CFT regime, Niger must sustain its momentum by implementing recommendations from its Mutual Evaluation Report.
  • The country must also put in place a proper mechanism for freezing and confiscating proceeds of crime.
    • Provide sufficient and secured office accommodation to the CENTIF to take advantage of GIABA’s analytical hard and software.

Conclusion

Niger faces significant challenges in combating organized crime, including geopolitical instability and porous borders. To effectively tackle these challenges, all social groups must work together, including security services, judges, and AML/CFT entities. The country must prioritize its AML/CFT efforts to prevent money laundering and terrorist financing offenses.

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