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Mali Makes Progress on International Financial Regulations Compliance

In a significant move, Mali has addressed several technical compliance deficiencies identified in its Mutual Evaluation Report (MER) on international financial regulations. The country has made notable improvements in areas where it was previously deemed partially or non-compliant.

Key Upgrades in Compliance

Anti-Money Laundering and Combating the Financing of Terrorism

Recommendation 2, which focuses on anti-money laundering and combating the financing of terrorism, has been upgraded from Partially Compliant to Largely Compliant. This improvement demonstrates Mali’s commitment to strengthening its regulatory framework.

Significant Improvements in Other Areas

• Recommendations 6 and 7 have also seen significant improvements, moving from Partially Compliant to Largely Compliant.
• Recommendations 8 and 28 have been upgraded from Non-Compliant to Partially Compliant, indicating progress towards full compliance.
• Recommendation 34 has achieved full compliance status, shifting from Partially Compliant to Compliant.

Mali’s Progress Under Scrutiny

Despite these upgrades, Mali still faces 16 Recommendations that are rated as Non-Compliant or Partially Compliant. As a result, the country will remain under the enhanced follow-up system until further improvements are made.

Next Steps for Mali

The Republic of Mali has set its next Enhanced Follow-up Report for May 2024. This will provide an opportunity to review progress and identify areas where additional work is needed to meet international financial regulations standards. With continued effort, Mali can further enhance its compliance and reputation as a responsible global player in the field of international finance.