Madagascar’s Efforts to Combat Money Laundering Face Criticism

Lack of Progress in Addressing Technical Compliance Deficiencies

Madagascar has been criticized for its insufficient progress in combating money laundering and combating the financing of terrorism (AML/CFT). A recent assessment revealed that the country has failed to make meaningful strides in improving its anti-money laundering measures.

Key Recommendations Unaddressed

Despite taking some steps to address deficiencies identified under five key recommendations, Madagascar’s information does not suggest it has made sufficient progress to warrant re-rating. As a result, ratings for these key recommendations will remain at “partial compliance”.

Ongoing Challenges

Madagascar has been tasked with continuing to report back to the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) on its progress in strengthening its AML/CFT measures.

Major Concerns

The country’s lack of progress is seen as a major concern, highlighting the need for further improvement in this critical area.