Burkina Faso: Combating money laundering and terrorist financing, a new challenge for the MPSR
The Burkinabe government, aware of the growing threats posed by money laundering and terrorist financing, recently adopted a draft Customs Code law in the Council of Ministers on Wednesday, July 18, 2024. This initiative aims to strengthen the country’s legal arsenal to combat these scourges that threaten the region’s security and economic stability.
Money laundering and terrorist financing are intrinsically linked, creating a dangerous cycle that fuels instability in Africa. Money laundering allows terrorists to conceal the illicit origins of their funds, making it difficult to trace these resources. These funds are then used to finance terrorist activities, including the purchase of weapons, the recruitment of fighters, and the planning of attacks.
Money laundering networks often exploit weaknesses in financial systems and the porous borders of many African countries. They use sophisticated techniques to transfer funds across different countries, complicating detection and prevention efforts.
By adopting stricter laws and strengthening the capacities of customs authorities, Burkina Faso can better detect and prevent illicit financial flows that fuel terrorism. A robust legal framework to combat money laundering will help stabilize the economy by preventing distortions caused by illicit funds.
Additionally, by equipping itself with a legal arsenal that complies with international standards, Burkina Faso can better cooperate with other countries and international organizations in the fight against money laundering and terrorist financing.
The adoption of this draft Customs Code law by Burkina Faso is a crucial step in the fight against money laundering and terrorist financing. By strengthening its legal arsenal, the country equips itself with the necessary means to protect its national security, stabilize its economy, and cooperate effectively with the international community.
