Burkina Faso Country Summary

FATF Status

Burkina Faso is on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Burkina Faso was undertaken in 2023. According to that Evaluation, Burkina Faso was deemed Compliant for 9 and Largely Compliant for 19 of the FATF 40 Recommendations. It remains Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Burkina Faso is grappling with significant corruption issues, as evidenced by a high percentage of the population perceiving corruption as prevalent and a series of high-profile investigations revealing substantial financial irregularities within government institutions. The country also faces challenges related to organized crime, including human trafficking, drug transit, and environmental crimes, exacerbated by political instability and a strained criminal justice system that struggles to effectively prosecute offenders.

Burkina Faso's economy is characterized by significant challenges, including a high poverty rate and a deteriorating security environment due to ongoing terrorist threats, which have led to military governance since 2022. The Transition Government, under Captain Ibrahim Traoré, has prioritized an Action Plan for Development and Stabilization (PASD) aimed at combating terrorism, addressing humanitarian crises, and improving governance, with a projected budget of $12.4 billion. Despite these challenges, the country has shown resilience, with a projected GDP growth of 5.5% for 2024, and continues to seek foreign investment, particularly in sectors like agriculture, mining, and energy, while striving to enhance its regulatory framework to attract international partners.