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Central African Republic Makes Progress in Anti-Money Laundering and Combating Financing of Terrorism Efforts

The Central African Republic (CAR), a member state of the Central African Economic and Monetary Community (CEMAC), is taking significant steps towards full compliance with international anti-money laundering (AML) and combating financing of terrorism (CFT) standards.

Notable Progress

According to a report by the International Monetary Fund (IMF), CAR has made notable progress in updating its regulations. The IMF assessed the effectiveness of CAR’s measures, citing key achievements such as:

• Legislative modifications concerning financial entities and non-financial businesses and professions
• Introduction of measures to improve transparency and due diligence

Challenges Remain

However, challenges persist, including:

• Limited availability of resources impacting the ability to enforce regulations and build regulatory capacity
• Need for more trained personnel to execute necessary transactions, supervise institutions, and investigate potential money laundering and terrorism financing cases

Recommendations for Further Progress

To support CAR’s ongoing efforts, the IMF recommended:

• Providing technical assistance for human capacity development and improving regulatory authorities
• Enhancing transparency to promote public trust and cooperation
• Strengthening international relationships to share information effectively

By continuing to update its regulatory framework, increasing transparency, and promoting international cooperation, CAR will continue its progress towards full compliance with international AML-CFT standards.

Conclusion

In conclusion, the Central African Republic is committed to eliminating money laundering and terrorism financing risks, and by taking these steps, it demonstrates its commitment to maintaining a stable and secure financial system.