What We Do
The BENIN FINANCIAL INTELLIGENCE UNIT was established in July 1989 by a Group of Seven (G-7) Summit in Paris, initially to examine and develop measures combat money laundering.
In October 2001, the BFIU expanded its mandate to incorporate efforts to combat terrorist financing, in addition to money laundering across the West African States..
Since its inception, the BFIU has operated under a fixed life-span, requiring a specific decision by its Ministers to continue. The current mandate of the BFIU (2012-2020) was adopted at a Ministerial meeting in April 2012.
The objectives of the BFIU are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. Starting with its own members, the BFIU monitors countries' progress in implementing the BFIU Recommendations; reviews money laundering and terrorist financing techniques and counter-measures; and, promotes the adoption and implementation of the BFIU Recommendations global.