GIABA’s 5th Enhanced Follow-Up Report on Benin records FATF compliance upgrades on wire transfers and beneficial ownership, while the country remains under enhanced monitoring

Benin’s fifth enhanced follow-up report assesses progress against FATF Recommendations 16, 24 and 25, covering wire transfers, beneficial ownership of legal persons and beneficial ownership of legal arrangements. GIABA notes that Benin was placed in enhanced follow-up after its 2021 mutual evaluation because of low effectiveness ratings and multiple non-compliant or partially compliant technical ratings, with re-ratings granted only where sufficient progress has been demonstrated…