Niger Takes Step in Right Direction on Anti-Money Laundering and Counter-Terrorism Financing

Progress Made by Niger in Combating Money Laundering and Terrorist Financing

Abuja, Nigeria - April 26, 2012: The West African Institute for Economic and Financial Administration (GIABA) has welcomed significant progress made by Niger in its efforts to combat money laundering and terrorist financing.

Strengthening Anti-Money Laundering and Counter-Terrorism Financing Regime

In its 4th Follow-Up Report submitted to GIABA’s Technical Commission in November 2012, Niger reported notable strides in strengthening its anti-money laundering and counter-terrorism financing regime. The report highlighted the country’s commitment to ensuring effective control of corruption and related offences.

High-Profile Cases and Corruption Hotline

The report cited several high-profile cases where individuals were interrogated and detained for allegedly smuggling goods. The Justice Ministry has also set up a hotline to enable citizens to report cases of corruption, while eight complaints have been lodged for parliament to lift the parliamentary immunity of MPs facing corruption charges.

Counter-Terrorism Financing Measures

On counter-terrorism financing, Niger established:

• A central service at the General Directorate for Territorial Surveillance
• A terrorism prevention unit within the judicial system
• Revived its National Counter Terrorism Committee, which was initially set up in 2010, with modifications to include the Financial Intelligence Unit (FIU) and the Central Bank of West African States (BCEAO)

Financial Intelligence Unit (FIU)

The FIU now enjoys better working conditions, including more funding, suitable premises, and equipment. The unit has also been strengthened with a financial analyst sponsored by GIABA to process Suspicious Transaction Reports (STRs). In 2012, the FIU received seven STRs, of which five were processed and referred to the Public Prosecutor.

Recommendations for Improvement

While acknowledging progress made by Niger, GIABA emphasized the need for sustained momentum in complying with international standards. Specifically, the country must implement recommendations from its Mutual Evaluation Report, including:

• Putting in place a proper mechanism for freezing and confiscating proceeds of crime
• Providing sufficient and secured office accommodation to CENTIF to take advantage of the institute’s analytical hard and software and apply for membership of the Egmont Group

Conclusion

In conclusion, while Niger still faces significant challenges in combating organized crime, its progress in strengthening its AML/CFT regime is commendable. However, sustained efforts are needed to address these challenges effectively. The country must continue to work with international partners to ensure that its anti-money laundering and counter-terrorism financing efforts remain robust and effective.