Mali Fails to Meet Anti-Money Laundering Standards, Says Global Watchdog

The Financial Action Task Force (FATF) has released a report stating that Mali has failed to implement several key anti-money laundering (AML) rules. According to the report, Mali received a “non-compliant” rating for 12 out of 40 requirements.

Key Findings

• Mali was found to be partially compliant with regards to confiscation and provisional measures, money laundering offence, and terrorist financing offence.
• The country received a “largely compliant” rating for several requirements, including:
  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing
• However, Mali was found to be non-compliant with regards to:
  • Transparency and beneficial ownership of legal persons and legal arrangements
  • Measures to combat the proliferation of weapons of mass destruction
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)

FATF’s Assessment

The FATF’s assessment is based on a thorough review of Mali’s AML/CFT regime, including its laws, regulations, and practices. The report provides recommendations for improvement, which Mali must implement in order to meet international standards.

FATF’s Rating System

The FATF’s rating system assesses countries’ compliance with 40 recommendations aimed at preventing money laundering, terrorist financing, and other financial crimes. Countries are rated as: + Compliant (C) + Largely compliant (LC) + Partially compliant (PC) + Non-compliant (NC)

Conclusion

The report highlights the need for Mali to improve its AML/CFT regime in order to meet international standards. The country must implement the recommended improvements in order to avoid being classified as a high-risk jurisdiction.