Here’s the rewritten article in markdown format:
Maldives Fails to Meet Key Requirements in Fight Against Money Laundering and Terrorist Financing
The Maldives has been found wanting in its efforts to comply with key recommendations made by the Financial Action Task Force (FATF) aimed at preventing money laundering and terrorist financing.
Report Highlights Shortcomings
According to a report issued by the FATF, the Maldives has failed to implement 17 out of the 40 recommended measures, including those related to assessing risk, national cooperation and coordination, and customer due diligence. The report notes that while the Maldivian government has made some progress in recent years, more needs to be done to strengthen its anti-money laundering and counter-terrorist financing framework.
Key Areas of Concern
Some of the key areas where the Maldives has been found wanting include:
- Assessing Risk and Applying a Risk-Based Approach: The Maldivian government has not put in place adequate systems to assess the risks posed by money laundering and terrorist financing.
- National Cooperation and Coordination: There is a lack of coordination between different agencies responsible for combating money laundering and terrorist financing.
- Money Laundering Offence: The Maldives does not have a specific law that criminalizes money laundering.
- Customer Due Diligence: Banks in the Maldives are not adequately verifying the identities of their customers.
What’s Next
The FATF has called on the Maldivian government to take immediate action to address these shortcomings and implement all the required measures by June 2023. Failure to do so could result in the country being added to a list of countries that pose a high risk of money laundering and terrorist financing, which could have serious consequences for its economy and international reputation.
Commitment to Compliance
The Maldivian government has committed to working closely with the FATF and other international partners to strengthen its anti-money laundering and counter-terrorist financing framework. However, much remains to be done to ensure that the country is fully compliant with international standards.