Benin's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Benin

Benin Follow-Up Report 2023

Benin has made significant progress in addressing the technical compliance deficiencies identified in its MER.

  • Recommendation 6 is upgraded from Partially Compliant to Largely Compliant
  • Recommendation 7 is upgraded from Partially Compliant to Largely Compliant

The Republic of Benin is rated NC/PC on 18 Recommendations.

The country will be maintained under the enhanced follow up regime. 

Benin Follow-Up Report 2023

Filename
Benin-Follow-Up-Report-2023.pdf
Size
726 KB
Format
application/pdf
Download

Benin Rapport de suivi - 2023

Filename
Benin-FR-Follow-Up-Report-2023.pdf
Size
350 KB
Format
application/pdf
Download

Benin - Relatorio de Seguimento 2023

Filename
Benin-Port-Follow-Up-Report-2023.pdf
Size
336 KB
Format
application/pdf
Download

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Benin Follow-Up Report 2023

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
PC
R.5 - Terrorist financing offence
PC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
LC
R.8 - Non-profit organisations
NC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
PC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
PC
R.15 - New technologies
NC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
NC
R.20 - Reporting of suspicious transactions
PC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
NC
R.25 - Transparency and beneficial ownership of legal arrangements
NC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
NC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
PC
R.33 - Statistics
LC
R.34 - Guidance and feedback
PC
R.35- Sanctions
LC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Earlier reports

  • 28 Sep 2021

    Benin's measures to combat money laundering and the financing of terrorism and proliferation This report provides a summary of the AML/CFT measures in place in Benin as at the date of the on-site visit (25 February to 13 March, 2019). It analyses the level of compliance with the FATF 40 Recommendations, the level of effectiveness of its AML/CFT system and makes recommendations on how the system could be strengthened.

  • 15 May 2010

    Mutual Evaluation of Benin Benin is a member of GIABA, the assessment of the implementation of anti-money laundering and counter-terrorist financing (AML/CFT measures in Benin was conducted by GIABA.