Financial Crime World

Mali Makes Progress in Combating Money Laundering Detection Methods Amid Scrutiny

Mali has made significant strides in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER) on six key recommendations aimed at combating money laundering detection methods. The country’s efforts have resulted in upgrades to its rating across multiple areas.

Key Recommendations Upgraded

The following recommendations have been upgraded:

Recommendation 2 and 6: Largely Compliant

These previously Partially Compliant recommendations have now moved to Largely Compliant, indicating substantial progress in implementing anti-money laundering measures. This upgrade reflects Mali’s commitment to improving its detection methods.

Recommendation 7: Largely Compliant

This recommendation has also moved from Partially Compliant to Largely Compliant, reflecting improved compliance with international standards.

Recommendation 8 and 28: Partially Compliant

These previously Non-Compliant recommendations have been upgraded to Partially Compliant, signaling a notable improvement in Mali’s efforts to combat money laundering. This upgrade demonstrates the country’s commitment to adhering to global anti-money laundering norms.

Recommendation 34: Compliant

This recommendation has gone from Partially Compliant to Compliant, further demonstrating Mali’s commitment to combating money laundering.

Outstanding Recommendations

Despite these advancements, Mali still faces several outstanding recommendations:

  • 16 out of 40 recommendations remain Non-Compliant or Partially Compliant
  • The country will remain under the enhanced follow-up system
  • The next report is due in May 2024 and will provide a comprehensive update on Mali’s progress

Conclusion

Mali’s efforts to combat money laundering detection methods have resulted in notable improvements, with several key recommendations upgraded. However, there is still work to be done, and the country must continue to demonstrate its commitment to adhering to global anti-money laundering norms.