Financial Crime World

Financial Literacy and Crime Prevention in Burkina Faso: A Critical Step Towards a Safer Future

In recent years, the government of Burkina Faso has been working to strengthen its judicial system with a focus on reducing impunity in financial crimes. This initiative aims to operationalize specialized judicial areas for the punishment of economic and financial crimes.

The Need for Action

A 2017 report by Réseau national de Lutte anti-corruption (REN-LAC) highlighted the magnitude of the problem, with embezzlement of funds from government agencies and audited structures totaling CFA F 31,144,000,000. This emphasizes the need for effective measures to prevent financial delinquency and bring perpetrators to justice.

The Initiative

The initiative was launched in November 2017 and is expected to be completed by June 2019. It involves several key milestones:

  • Adopting a decree on the regulation of duties governing assistants within specialized judicial centers
  • Recruiting specialized assistants
  • Training relevant actors
  • Equipping judicial centers
  • Setting up a team of specialized investigation judicial police officers

Objectives and Challenges

The overall objective of this initiative is to combat financial delinquency by reducing the level of impunity in financial crimes. To achieve this, the initiative aims to strengthen investigative capacities of judicial centers concerning financial crimes.

While the commitment has the potential to increase effectiveness in processing, investigating, and prosecuting financial and economic crimes, its impact may be limited due to a lack of monitoring and evaluation mechanisms to track progress.

Ensuring Success

To ensure the success of this initiative, it is essential that the government:

  • Defines specific areas in which officers will be trained
  • Establishes monitoring mechanisms to assess their understanding of applicable procedures and legislation
  • Identifies key obstacles hindering effective prosecutions and investigations
  • Sets up a system for tracking case statuses
  • Encourages collaboration between government agencies and the judiciary to facilitate investigations

A Safer Future for Burkina Faso

By taking these steps, Burkina Faso can move closer towards creating a safer and more transparent environment for its citizens.