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

Publication details

Language

English

Country

Burkina Faso

GIABA FUR Burkina Faso-2021

Filename
GIABA-FUR-Burkina-Faso-2021.pdf
Size
805 KB
Format
application/pdf
Download

This follow-up report sets out the progress that Burkina Faso, member of FATF-Style Regional Body, Inter Governmental Action Group against Money Laundering in West Africa (GIABA) has made in improving its level of compliance with the FATF standards, since their 2019 Mutual Evaluation.

  • Recommendation 5 initially rated PC is re-rated Compliant (C)

Due to the non-compliance of the Burkinabe AML/CFT regime with the new requirements

  •  Recommendation 15 has been downgraded from Compliant to Partially Compliant 

GIABA Mutual Evaluation Report of Burkina Faso-2019

GIABA

Technical Compliance

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

Burkina Faso Follow-Up Report 2021

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
PC
R.3 - Money laundering offence
C
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
PC
R.15 - New technologies
PC
R.16 - Wire transfers
LC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
PC
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
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
C
R.37 - Mutual legal assistance
LC
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

Related materials

GIABA

The FATF Recommendations

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.
Read more

Mutual Evaluations

The FATF conducts peer reviews of each member on an ongoing basis to assess levels of implementation of the FATF Recommendations, providing an in-depth description and analysis of each country’s system for preventing criminal abuse of the financial system
Read more Consolitated assessment ratings
ESAAMLG Logo

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

The FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems sets out the evaluation process.
Read more