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Madagascar Makes Progress on Anti-Money Laundering and Combating Financing of Terrorism

In its latest report, the Financial Action Task Force (FATF) has assessed Madagascar’s efforts in combating money laundering (ML) and financing of terrorism (FT). While there are still areas for improvement, Madagascar has made significant progress in implementing anti-money laundering and combating financing of terrorism (AML/CFT) measures.

Progress Made

According to the report, Madagascar has revamped its AML/CFT law, which now requires financial institutions (FIs) to take specific measures to:

• Identify customers, including natural persons, legal persons, and legal arrangements
• Verify customer identity, including the presentation of valid identification documents
• Undertake customer due diligence (CDD) measures for any transfers above a certain threshold, including wire transfers

Key Areas of Progress

The report highlights several key areas where Madagascar has made significant progress:

• Identification of customers
• Verification of customer identity
• Reporting of suspicious transactions to the authorities

Areas Requiring Improvement

However, there are still some areas that require improvement:

• Absence of specific due diligence measures applicable to legal persons, legal arrangements, and life insurance contracts, including a risk-based approach
• Lack of guidance on additional measures that FIs should undertake in cases of high-risk situations where the beneficiary may be a legal person or arrangement

Conclusion

Overall, Madagascar’s efforts in combating ML and FT are commendable, but more work is needed to ensure the effectiveness of its AML/CFT regime.