Financial Crime World

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Niger’s Anti-Money Laundering and Counter-Terrorist Financing Measures Under Scrutiny

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A recent report by GIABA has assessed Niger’s efforts to combat money laundering and terrorist financing, highlighting areas for improvement.

Key Findings

The report highlights several key findings, including:

  • Initiation of National Money Laundering/Terrorist Financing Risk Assessment (NRA): Niger has initiated its first NRA process, which was inclusive of all competent authorities and stakeholders.
  • Publication of NRA Report: The NRA report was published on the websites of the Ministry of Finance and Financial Intelligence Unit (FIU), but sensitization sessions to promote ownership were lacking.
  • Reform of Laws Governing Non-Profit Organizations (NPOs): Niger’s authorities have taken steps to reform laws governing NPOs, including Order n°00064 of November 26, 2019, which aims to monitor sources of funding for NGOs and Development Associations.

Understanding of ML/TF Risks

The report notes that the understanding of money laundering and terrorist financing risks in Niger varies across sectors. Specifically:

  • Law Enforcement Authorities (LEAs) and National Intelligence Agency: Have a good grasp of these risks.
  • Financial Sector Supervisors and Self-Regulatory Bodies (SRBs): Have limited understanding.

Risk Assessment

Niger’s authorities consider the risk of terrorist financing to be high due to the country’s geographic location and ongoing attacks by armed groups in the eastern region.

Recommendations

The report provides several recommendations for enhancing Niger’s anti-money laundering and counter-terrorist financing measures, including:

  • Improving Understanding of ML/TF Risks: Across all sectors.
  • Enhancing Coordination: Between law enforcement agencies and financial sector supervisors.
  • Strengthening Supervision and Regulation: Of non-profit organizations (NPOs).
  • Increasing Public Awareness and Education: On the risks of money laundering and terrorist financing.

Conclusion

The report concludes that while Niger has made progress in implementing anti-money laundering and counter-terrorist financing measures, there is still much work to be done to ensure effective implementation and compliance with international standards.