Mali Struggles to Implement Effective AML/CFT Framework

Bamako, Mali - A Challenge to Financial Sector Integrity

Despite efforts to strengthen its financial sector integrity and combat the threats of money laundering and terrorism financing, Mali’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework remains inadequate.

The Objective: Protecting Financial Systems and Economy

Mali’s objective is clear: to protect its financial systems and economy from illicit activities that undermine safety and security. However, implementing effective laws and regulations is only half the battle.

A Review of Mali’s Progress

The Financial Action Task Force (FATF), an international organization that sets global standards for AML/CFT efforts, has identified 11 key goals that an effective framework should achieve. These intermediate outcomes include:

• Strengthening financial sector integrity
• Improving transparency
• Enhancing cooperation among law enforcement agencies

However, a review of Mali’s progress in implementing these goals reveals significant challenges.

Challenges and Concerns

While the country has adopted laws and regulations compliant with FATF Recommendations, enforcement remains a major concern. The FATF has expressed concerns over Mali’s lack of progress in several areas, including:

• Customer due diligence
• Beneficial ownership transparency
• Reporting suspicious transactions

Improving the AML/CFT Framework

To improve its AML/CFT framework, Mali must prioritize effective enforcement, enhance cooperation among law enforcement agencies, and increase transparency in the financial sector.

“The stakes are high,” said a government official. “If we don’t get this right, we risk undermining our own economy and compromising national security.”