Financial Crime World

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Highest Authorities Urged to Improve Anti-Money Laundering and Counter-Terrorist Financing Regime

Niamey, Niger - The highest authorities in Niger have been urged to intensify efforts to improve the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) regime. This comes as the country has made significant progress in its 4th Follow-Up Report submitted to the West African Economic and Monetary Union (WAEMU) Technical Commission, led by GIABA.

Progress Made

The report highlights Niger’s new impetus in anti-money laundering and CFT efforts, particularly the active role played by national authorities in ensuring the effective control of corruption and related offences. The country has established a High Authority for the Fight against Corruption and Related Offences (HALCIA), which has resulted in several high-profile individuals being interrogated and detained on allegations of smuggling goods.

Additionally, the Justice Ministry has set up a hotline to enable citizens to report cases of corruption, while eight complaints have been lodged with Parliament to lift the parliamentary immunity of MPs facing corruption charges. Furthermore, Niger has revived its National Counter-Terrorism Committee at the Ministry of Foreign Affairs, which now includes the Financial Intelligence Unit (FIU) and the Central Bank of West African States (BCEAO).

Anti-Money Laundering and Counter-Terrorist Financing Efforts

On AML/CFT specifically, Niger’s CFT law is compliant with WAEMU Community law, while the FIU enjoys better working conditions, including increased funding, improved premises, and equipment. The FIU has also revised its rules and regulations to strengthen its structure and now has a financial analyst sponsored by GIABA to process Suspicious Transaction Reports (STRs).

The country has also made significant strides in cooperation with other Financial Intelligence Units (FIUs), signing agreements with the Ghana FIC and Gabon FIU, while embarking on study tours to learn best practices from foreign FIUs. Niger’s Justice Minister officially inaugurated the AML/CFT National Coordination Committee in April 2012, which has since organized a workshop for its members to train them on the country’s AML/CFT national strategy.

Technical Assistance Needed

Despite these efforts, GIABA has identified areas where technical assistance is needed:

  • Restoring confidence among banks and reporting entities;
  • Conducting training programs for subject persons, including reporting entities;
  • Providing specific training exercises for investigation and prosecution authorities;
  • Organizing a consultative meeting on manual currency exchange issues;
  • Raising awareness of local communities;
  • Providing top-quality technical materials to the FIU; and
  • Facilitating cooperation arrangements with other FIUs.

Conclusion

Niger’s geopolitical instability and porous borders make it an attractive transit point for organized crime, including weapons trafficking, drug smuggling, and cigarette smuggling. Therefore, all social groups must work together to tackle this challenge effectively. The country’s security services, judges, and AML/CFT entities must collaborate to combat money laundering and terrorist financing. Niger must sustain its momentum in complying with international standards and implement the recommendations from its Mutual Evaluation Report.