BFIU Is Prepared to Take Giant Step for
Implementation of Amendment and Restatement PFM
Act of 2009 DG Asogba Gives Assurance
8 February 2022
The BENIN FINANCIAL INTELLIGENCE UNIT is the
body of the Government of Republic of Benin, statutorily
mandated to assist with combating money laundering and
financing of terrorism.
The FIU strives to develop a strong legal basis to
combat money laundering, financing of terrorism
activities and other financial crimes within the borders
of Benin, to protect the integrity and stability of the
financial system, by monitoring and supervising the
anti-money laundering and anti-financing of terrorism
controls and systems implemented by businesses that are
vulnerable to money laundering or terrorist financing
and by producing intelligence products that incorporates
the analysis of relevant classified information.
ECOWAS Member Countries
where FIU operates
Benin,Togo,Ivory Coast,Liberia, Sierra Leone,Mali,
Burkina Faso,Nigeria, Senegal,Cap Verde and Guinea
BFIU Is Prepared to Take Giant Step for
Implementation of Amendment and Restatement PFM
Act of 2009 DG Asogba Gives Assurance
8 February 2022
FIU Benin fines All Insurance Companies operating in Cotonou for Violation, Non-Compliance, and Obstruction.
Issue regulations on the procedures and
methods for submission and secured transmission,
as well as the form and content of STR, CTR and
other report to the BFIU.
Require designated regulators or supervisor of
reporting entities to monitor and enforce
compliance with AML/CFT reporting obligations
and inform the BFIU instances of non-compliance.
Enforce compliance where a reporting entity
fails to comply in whole or in part with
reporting obligations through administrative
sanctions established by Ministry of Justice for
prosecution where an offense has been
committed..