Madagascar Makes Progress in Compliance Monitoring and Reporting

Madagascar has made significant strides in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report, according to a recent review.

Notable Progress

The island nation has upgraded seven recommendations from non-compliant or partially compliant to fully compliant or largely compliant, demonstrating notable progress. The upgrades include:

• Recommendation 1: Initially rated non-compliant, now fully compliant
• Recommendation 10: Previously rated non-compliant, now partially compliant
• Recommendation 13: Improved from partially compliant to fully compliant
• Recommendations 16 and 19: Upgraded from non-compliant to partially compliant
• Recommendation 32: Improved from partially compliant to largely compliant
• Recommendation 34: Initially rated non-compliant, now partially compliant

Continued Enhanced Follow-up

Despite this progress, Madagascar will continue to be under enhanced follow-up by international financial institutions and other stakeholders to ensure continued compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) standards.

This enhanced follow-up is necessary to ensure that Madagascar maintains its commitment to adhering to AML/CFT standards and continues to make progress in addressing any remaining technical shortcomings.