Ouagadougou: The operating accounts of non-governmental organizations (NGOs) and associations in Burkina Faso will soon be required to be domiciled at the Treasury Deposit Bank (BDT). This move is designed to enhance the traceability of funds received and used by these entities, as stated in the minutes from the Council of Ministers' meeting held yesterday.
According to Burkina Information Agency, the Burkinabe government has adopted a draft decree mandating NGOs and approved associations to open and domicile their cash accounts exclusively with the BDT. This measure aims to ensure the traceability of funds, mitigate risks such as money laundering and embezzlement, and prevent the financing of activities contrary to public order. Additionally, it is expected to bolster the confidence of technical and financial partners in the financial dealings of these organizations.
The decree specifies that accounts opened at the BDT will track all financial movements of NGOs and associations, including grants, subsidies, donations, and other financial resources related to their activities. All revenue and expenditure transactions are to be conducted exclusively through these accounts, ensuring comprehensive monitoring.
This initiative aligns with Burkina Faso's international commitments to combat the financing of terrorism and illicit financial flows. The government emphasized that the adoption of this decree marks significant progress in regulating the activities of NGOs and associations and controlling their funding sources.