Financial Crime World

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Niger’s Banking Industry Faces Scrutiny Over Anti-Money Laundering Measures

A recent report has highlighted concerns over Niger’s banking industry, specifically its implementation of anti-money laundering (AML) measures. The country received a mixed bag of ratings from the Financial Action Task Force (FATF), with some areas requiring significant improvement.

Key Findings

  • Niger was found to be “partially compliant” in several key areas, including:
    • Assessing risk and applying a risk-based approach
    • Customer due diligence and record keeping
  • However, the country was deemed “largely compliant” in other areas, such as:
    • National cooperation and coordination
    • Confiscation and provisional measures
  • Niger was found to be “non-compliant” in several areas, including:
    • Transparency and beneficial ownership of legal persons and arrangements
    • Regulation and supervision of financial institutions and DNFBPs (designated non-financial businesses and professions)

Areas for Improvement

  • The report highlighted several areas where Niger falls short of international standards, including:
    • Lack of transparency in beneficial ownership information
    • Inadequate regulation and supervision of financial institutions and DNFBPs
    • Insufficient customer due diligence and record keeping practices

Positive Findings

  • Niger was found to be “compliant” in several areas, including:
    • The money laundering offence
    • Terrorist financing offence
    • Targeted financial sanctions related to terrorism and proliferation
    • International instruments

Response from Authorities

  • In response to the report, Niger authorities have pledged to address the identified shortcomings and improve its AML regime.
  • The country has committed to strengthening its national cooperation and coordination mechanisms, as well as enhancing customer due diligence and record keeping practices.

Conclusion

  • The FATF’s assessment is a significant step forward in promoting transparency and accountability in Niger’s banking industry.
  • It remains to be seen whether the country can effectively address the identified weaknesses and bring its AML regime up to par with international standards.