Financial Crime World

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Tunisia’s Anti-Money Laundering Efforts Fall Short, Report Finds

A recent evaluation by international anti-money laundering (AML) watchdogs has revealed that Tunisia still has significant work to do to strengthen its AML framework. The country received ratings of “partially compliant” or “largely compliant” in several key areas, highlighting the need for improvement.

Key Findings and Challenges

The report highlights several challenges facing Tunisia’s anti-money laundering efforts:

  • Risk-based approach: Partially compliant
    • Tunisia has made efforts to develop a risk-based approach to AML, but lacks the necessary resources and infrastructure to implement this approach fully.
  • National cooperation and coordination: Highly rated
    • The country’s financial intelligence unit (FIU) is effective in collecting and analyzing data on suspicious transactions, but could benefit from additional support and resources.

Areas for Improvement

The evaluation also highlighted concerns around certain sectors, including:

  • Non-profit organizations
    • Tunisia was found to be “non-compliant” with international standards, indicating a need for significant improvement.
  • Money or value transfer services
    • The country’s regulations in this area are also lacking, making it difficult to effectively combat money laundering and terrorist financing.

Overall Assessment

The report suggests that while Tunisia has made progress in strengthening its AML framework, there is still much work to be done to bring it in line with international best practices. The country will need to address these weaknesses if it is to effectively combat money laundering and terrorist financing.

Ratings Scale

  • C (compliant)
  • LC (largely compliant)
  • PC (partially compliant)
  • NC (non-compliant)

The following key areas received the following ratings:

  • Risk-based approach: PC
  • Money laundering offense: LC
  • Confiscation and provisional measures: NC
  • Terrorist financing offense: C