The government of Benin, led by President Romuald Wadagni, has adopted a 2026-2030 strategy to effectively combat money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction. This strategy aims to address the evolving national and sub-regional context, including the growing threat of terrorism, increased illicit financial flows, and cybercrime. The strategy's development was informed by the need to monitor the significance of the informal economy, risks associated with virtual assets and FinTech, and persistent vulnerabilities in the supervision of certain non-financial businesses and professions.
The 2026-2030 strategy seeks to establish an effective system for combating economic and financial crime in Benin by 2030, ensuring a safe and attractive economic environment. The strategy's implementation is guided by two main strategic orientations: consolidating the legal, institutional, and governance framework, and reducing structural vulnerabilities while enhancing economic and financial transparency. This approach will enable Benin to have a coherent national framework based on risks, accompanied by a budgeted action plan, an institutional implementation mechanism, and a structured monitoring and evaluation system.
The adoption of this strategy provides Benin with a comprehensive national framework for addressing money laundering, terrorism financing, and the financing of weapons of mass destruction proliferation. It aims to improve technical compliance and the effectiveness of the national dispositif, accelerate the modernization of the legal framework and sanctions, and strengthen key institutions such as the National Committee for Coordination of Anti-Money Laundering Activities, the National Financial Intelligence Cell, and the National Agency for Recovery of Confiscated and Seized Assets.
A key aspect of the strategy is to enhance the transparency of beneficial ownership, risk-based supervision, and investigations, prosecutions, and confiscations. By addressing these areas, the strategy seeks to mitigate the risks associated with money laundering and terrorism financing, which have significant implications for Benin's economic stability and security. The strategy's focus on a risk-based approach will enable more effective allocation of resources and efforts to combat these crimes.
The development of the 2026-2030 strategy reflects the government's commitment to strengthening Benin's resilience to financial crimes and ensuring compliance with international standards. By implementing this strategy, Benin aims to demonstrate its resolve to tackle money laundering, terrorism financing, and related threats, thereby contributing to regional and global efforts to combat these crimes. The strategy's success will depend on effective coordination among relevant institutions and stakeholders.
The strategy's implementation will involve a structured monitoring and evaluation mechanism to track progress and assess its effectiveness. This will enable the government to identify areas for improvement and make necessary adjustments to ensure the strategy's objectives are met. The involvement of various stakeholders, including financial institutions, non-financial businesses, and civil society organizations, will be crucial to the strategy's success.
Overall, the adoption of the 2026-2030 strategy marks a significant step forward in Benin's efforts to combat money laundering, terrorism financing, and related crimes. Its effective implementation will require sustained commitment and coordination among relevant stakeholders, but it has the potential to significantly enhance Benin's ability to prevent and combat financial crimes.
Key points
- The strategy aims to establish an effective system for combating economic and financial crime in Benin by 2030.
