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MALI Takes Steps to Combat Financial Terrorism
In a bid to curb the rising threat of financial terrorism, Mali has taken significant steps to improve its anti-money laundering and combating financing of terrorism (AML/CFT) regime. According to the latest report by the Financial Action Task Force (FATF), Mali has made progress in implementing key recommendations aimed at preventing the misuse of its financial system for illicit activities.
Assessing Risk and Applying a Risk-Based Approach
Mali has been rated “largely compliant” with Recommendation R.1, which requires countries to assess risks and apply a risk-based approach to AML/CFT measures. The report commends Mali’s efforts in establishing a national risk assessment framework and implementing targeted measures to address high-risk areas.
National Cooperation and Coordination
Mali has also been found “largely compliant” with Recommendation R.2, which emphasizes the importance of national cooperation and coordination among relevant authorities. The report notes that Mali has strengthened its mechanisms for information sharing and coordination among law enforcement agencies, financial institutions, and other stakeholders.
Money Laundering Offence and Confiscation Measures
While Mali has made progress in implementing measures to combat money laundering (R.3), it has been rated “partially compliant” with Recommendation R.4, which requires countries to have effective confiscation and provisional measures in place. The report notes that Mali needs to improve its legal framework and procedures for seizing and confiscating assets linked to criminal activities.
Terrorist Financing Offence
Mali has also been found “partially compliant” with Recommendation R.5, which requires countries to criminalize the financing of terrorism. The report commends Mali’s efforts in establishing a legal framework to combat terrorist financing, but notes that more needs to be done to effectively investigate and prosecute related offenses.
Other Areas of Progress
Mali has made progress in other areas, including:
- Targeted financial sanctions (R.6)
- Correspondent banking (R.13)
- Record keeping (R.11)
The report commends Mali’s efforts in improving its financial intelligence unit, strengthening supervision of financial institutions, and enhancing cooperation with international partners.
Challenges Remain
While Mali has made progress in implementing key AML/CFT measures, challenges remain in several areas. The report notes that Mali needs to improve its legal framework and procedures for seizing and confiscating assets linked to criminal activities, as well as strengthen its powers of supervisors and law enforcement authorities.
Conclusion
Mali’s efforts to combat financial terrorism are welcome, but more needs to be done to address remaining challenges. The country must continue to strengthen its AML/CFT regime to prevent the misuse of its financial system for illicit activities and protect its financial stability. The international community must also support Mali in its efforts to implement key recommendations and strengthen its cooperation with other countries to combat global threats such as terrorism and money laundering.