Ouagadougou: Burkina Faso has reaffirmed its commitment to combating money laundering and terrorism financing following its removal from the Financial Action Task Force (FATF) gray list. Burkinabe Minister of Economy and Finance Dr. Aboubakar Nacanabo emphasized the need for vigilance and consolidation of gains in these areas during a statement made in Ouagadougou on Friday.

According to Burkina Information Agency, Minister Nacanabo described the removal from the gray list as a significant achievement but underscored that it is not the end of the process. He highlighted that this development marks the beginning of a new phase, aimed at maintaining the country’s financial credibility.

The minister outlined plans for a new national action plan, which will be developed in coordination with the National Financial Information Processing Unit (CENTIF). This plan aims to enhance the resilience of Burkina Faso’s national financial system. Key elements of the plan include increased vigilance measures, capacity building for relevant stakeholders, and institutional reforms to mitigate the risk of reappearing on the FATF list.

Dr. Nacanabo stressed the importance of creating a robust and sustainable system that aligns with international standards to ensure the transparency and stability of Burkina Faso’s financial sector. He articulated a clear ambition for the country: to become a model of good financial governance and an effective leader in the fight against money laundering and the financing of terrorism.