Mali Makes Progress in Complying with AML/CFT Regulations, But Remains Under Enhanced Follow-Up System

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The government of Mali has made significant strides in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER) on anti-money laundering and combating the financing of terrorism (AML/CFT) recommendations. The country has upgraded several recommendations from partially compliant to largely compliant or even fully compliant, marking a major step forward in its efforts to combat financial crime.

Progress Made

Mali’s progress is reflected in the upgrading of several recommendations:

• Recommendations 2, 6, and 7, which were previously rated partially compliant, have been upgraded to largely compliant.
• Recommendations 8 and 28, which were initially non-compliant, have improved to partially compliant.

Challenges Remain

Despite these advances, Mali still faces challenges in fully implementing all of the recommended measures. As a result, it will remain under the enhanced follow-up system, with its next report due in May 2024. The country currently has:

• 16 recommendations rated non-compliant or partially compliant
  • Highlighting areas where further improvements are needed

Next Steps

The Malian government’s progress is a significant step forward in its efforts to combat financial crime and protect the integrity of its financial system. However, it remains crucial that the country continues to work towards full compliance with AML/CFT regulations to ensure the stability and security of its financial sector.

Conclusion

Mali’s progress in addressing technical compliance deficiencies is a positive step forward. However, continued efforts are needed to fully implement all recommended measures and ensure the integrity of its financial system. The enhanced follow-up system will provide guidance and support to help Mali achieve full compliance with AML/CFT regulations.