Malian Government Makes Progress in Combating Financial Terrorism, But More Work Remains
The Malian government has made significant strides in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER) on combating financial terrorism. A review of the country’s progress reveals notable upgrades to several key recommendations.
Key Recommendations and Progress
Upgraded Recommendations
- Recommendations 2 and 6: Initially rated as partially compliant, have been upgraded to largely compliant, marking a major improvement for Mali’s anti-money laundering and countering financing of terrorism efforts.
- Recommendation 7: Previously partially compliant, has also achieved largely compliant status.
Partially Compliant Recommendations
- Recommendations 8 and 28: Were previously non-compliant but have now been upgraded to partially compliant.
- Recommendation 34: Initially rated as partially compliant, has reached fully compliant status, a testament to Mali’s commitment to strengthening its financial terrorism-fighting capabilities.
Challenges Ahead
Despite these advancements, the Malian government still faces challenges in addressing the remaining 16 recommendations rated as non-compliant or partially compliant. As a result, the country will continue under the enhanced follow-up system, with its next report due in May 2024.
International Monitoring
The progress made by Mali is a positive step forward in the global fight against financial terrorism, but it underscores the need for continued efforts to ensure that the country’s anti-money laundering and countering financing of terrorism frameworks are robust and effective. As the Malian government works towards fully addressing these outstanding recommendations, international partners will be closely monitoring its progress.
Conclusion
The Malian government’s progress in combating financial terrorism is a welcome development, but it highlights the importance of sustained efforts to ensure the effectiveness of its anti-money laundering and countering financing of terrorism frameworks. As the country continues to work towards implementing these recommendations, international partners will remain vigilant in monitoring its progress.