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

Introduction

The Republic of Niger has made significant efforts in recent years to strengthen its fight against money laundering (ML) and terrorist financing (TF). Despite these efforts, the country still faces numerous challenges that undermine its anti-money laundering and counter-terrorist financing measures.

Challenges Facing Niger’s AML/CFT Efforts

• Lack of comprehensive understanding of ML/TF risks: While law enforcement authorities and national intelligence agencies have a good grasp of these risks, self-regulatory bodies (SRBs) and the gendarmerie still require improvement in this regard.
• Limited understanding of terrorist financing risk in the non-profit organization (NPO) sector: Despite taking steps to reform the texts relating to NPO supervision, Niger still lacks a specific study on the sector’s exposure to TF risks.

Areas for Improvement

• Reporting of suspicious transactions: Niger needs to improve its reporting of suspicious transactions to effectively combat ML/TF.
• Transparency in beneficial ownership: The country needs to enhance transparency in beneficial ownership to prevent money laundering and terrorist financing.

Recommendations from the FATF

The International Financial Action Task Force (FATF) has issued several recommendations for Niger, including:

• Strengthening customer due diligence requirements
• Enhancing risk-based approach to supervision

Conclusion

While Niger has made progress in implementing its anti-money laundering and counter-terrorist financing measures, it still requires significant improvements to effectively combat ML/TF. With continued support from international partners, however, the country is well-positioned to overcome these challenges and strengthen its fight against money laundering and terrorist financing.