FATF Status

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

Latest FATF Statement - 21 February 2025

In February 2021, Burkina Faso made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime, Burkina Faso should continue to work on implementing its action plan to address its remaining strategic deficiency, by implementing an effective targeted financial sanctions regime related to TF and PF.

The FATF notes Burkina Faso’s continued progress across its action plan, however all deadlines have expired and work remains. The FATF urges Burkina Faso to swiftly implement its action plan to address the above-mentioned strategic deficiency as soon as possible as all deadlines expired in December 2022.

European Commission List of Countries with Strategic Deficiencies in their AML/CFT Regimes

Burkina Faso is on the EU Commission list of High Risk jurisdictions which have been identified as having strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes that pose significant threats to the financial system of the European Union (‘high-risk third countries’).

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 faces significant corruption challenges, ranking 83 out of 180 countries in Transparency International's 2023 Corruption Perceptions Index, with 85.4% of citizens believing corruption is prevalent. The State Supreme Audit Authority (ASCE-LC) has uncovered substantial financial irregularities, and various anti-corruption bodies, including REN-LAC and ARCOP, work to combat these issues through audits, legal actions, and public awareness initiatives. Despite the government's efforts to strengthen anti-corruption legislation and frameworks, enforcement remains weak, contributing to a culture of impunity.

Burkina Faso is one of the world's poorest countries, ranked 185 out of 193 in the UN Development Program's Human Development Index for 2024. The IMF estimates a GDP growth of 3.6% for 2023, with a total GDP of $22.92 billion, and projects a growth of 5.5% for 2024. Despite significant challenges, including a deteriorating security environment and a high poverty rate, the country has shown economic resilience, with over 80% of its population engaged in agriculture and ongoing efforts to attract foreign investment.

Burkina Faso actively seeks foreign investment and has established a legal framework to ensure fair treatment for investors, including streamlined permit issuance and commercial dispute resolution. Despite these efforts, challenges remain in fostering competition, particularly in sectors dominated by state-owned enterprises, and the country has seen a decline in its Corruption Perception Index. The mining sector, particularly gold, has attracted significant foreign interest, bolstered by a revised investment code that offers tax incentives, although recent amendments have increased mining taxes.