Madagascar Confronts Fraudulent Activities in Finance, Remains Under ESAAMLG’s Enhanced Follow-Up

Satisfactory Efforts to Combat Money Laundering and Terrorist Financing

Madagascar has made significant progress in addressing technical compliance shortcomings, according to a recent report by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The country’s efforts to combat money laundering and terrorist financing have been deemed satisfactory, with Madagascar being compliant with six of the Financial Action Task Force’s (FATF) 40 Recommendations and largely compliant with 11 others.

Areas for Improvement

Despite this progress, the report highlighted areas where Madagascar still needs to improve, particularly in terms of its effectiveness in implementing anti-money laundering and counter-terrorist financing measures. ESAAMLG will continue to monitor the country’s efforts closely and has placed Madagascar under enhanced follow-up, indicating that it remains committed to ensuring the country’s compliance with international standards.

Importance of Effective Anti-Money Laundering and Counter-Terrorist Financing Measures

Madagascar’s experience highlights the importance of effective anti-money laundering and counter-terrorist financing measures in preventing fraudulent activities in finance. The country’s progress demonstrates that with concerted effort and commitment, even the most challenging issues can be addressed.

Regional Cooperation and Information Sharing

ESAAMLG has been working closely with member countries to promote regional cooperation and information sharing on anti-money laundering and counter-terrorist financing matters. This includes:

• Bilateral activities, such as training programs and capacity-building initiatives, aimed at enhancing the skills of financial sector professionals and law enforcement agencies
• Promoting regional coordination and collaboration through the development of common standards and guidelines for anti-money laundering and counter-terrorist financing measures

By working together to combat fraudulent activities in finance, ESAAMLG member countries can ensure a safer and more secure financial environment for all.