Financial Crime World

Niger’s Struggle Against Money Laundering and Terrorist Financing: A Report

Kano, Nigeria - In its bid to combat money laundering and terrorist financing (ML/TF), Niger has taken several measures to prevent and detect these illicit activities. However, a recent report by the Financial Action Task Force (FATF) has highlighted key deficiencies in the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) systems.

Challenges Facing Niger

The report, compiled following an on-site visit to Niger from January 13 to 29, 2020, analyzed the level of compliance with FATF’s 40 Recommendations and identified areas for improvement. While Niger has made significant progress in implementing its AML/CFT framework, including the initiation of a National Money Laundering/Terrorist Financing Risk Assessment (NRA) process, there are still several key findings that highlight the challenges faced by Niger.

  • The country’s authorities did not conduct a specific study on the non-profit organization (NPO) sector to better understand its exposure to terrorist financing risks.
  • There were concerns about the limited understanding of ML/TF risks among some financial institutions and law enforcement agencies.

Importance of Transparency and Beneficial Ownership

The report also highlighted the importance of transparency and beneficial ownership in legal persons and arrangements, as well as the need for effective regulation and supervision of financial institutions. Furthermore, it emphasized the crucial role played by the Financial Intelligence Unit (FIU) in Niger’s AML/CFT system.

Key Recommendations

To strengthen its AML/CFT systems, Niger is recommended to:

  • Conduct a specific study on the NPO sector to better understand its exposure to terrorist financing risks.
  • Improve transparency and beneficial ownership in legal persons and arrangements.
  • Enhance effective regulation and supervision of financial institutions.
  • Strengthen the role played by the FIU in Niger’s AML/CFT system.

About FATF

The Financial Action Task Force (FATF) is an inter-governmental organization that sets standards and promotes effective implementation of measures to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system. The FATF 40 Recommendations provide a comprehensive framework for countries to prevent and detect ML/TF activities.

Contact

For more information about Niger’s AML/CFT efforts or the FATF report, please contact:

[Name] Financial Action Task Force [Email] [Phone]

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