Financial Crime World

Niger’s Strides in Anti-Money Laundering Regulations

Niamey, Niger - A Positive Assessment by the Financial Action Task Force (FATF)

The FATF has released its latest report on Nigeria’s progress in implementing anti-money laundering (AML) regulations. The report assesses the country’s compliance with the 40 recommendations set forth by the international organization.

Areas of Strength

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Financial institution secrecy laws (R.9)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Mutual legal assistance (R.37)

Areas for Improvement

  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
    • Lack of clarity on the process for identifying and verifying the beneficial owners of companies
    • Limited transparency in the reporting requirements for trusts and other structures
  • Regulation and supervision of DNFBPs (R.28)
    • Insufficient regulations to ensure the integrity of DNFBP activities
    • Inadequate supervision of DNFBPs to prevent money laundering and terrorist financing
  • Non-profit organizations (R.8)
    • Lack of transparency in the reporting requirements for non-profit organizations
    • Inadequate supervision of non-profit organizations to prevent money laundering and terrorist financing
  • Confiscation and provisional measures (R.4)
    • Limited ability to confiscate funds related to money laundering and terrorist financing
    • Inadequate provision for provisional measures to prevent the dissipation of assets

Conclusion

Despite some shortcomings, Niger’s progress in implementing AML regulations is a significant step forward in the fight against financial crime. The country has made notable strides in strengthening its regulatory framework, improving cooperation with international partners, and enhancing public awareness of AML risks.

The FATF report highlights areas where Niger needs to improve, but also acknowledges the country’s commitment to combating money laundering and terrorist financing. As Niger continues to work towards full compliance with international standards, it is expected to play a more significant role in regional and global efforts to combat financial crime.