Financial Crime World

MALI Financial Institutions’ Anti-Money Laundering Efforts Under Scrutiny

A recent review of financial institutions in Mali has highlighted concerns over their ability to prevent money laundering and terrorist financing. The country’s anti-money laundering (AML) program was assessed by international experts using the FATF Recommendations as a framework.

Compliance and Non-Compliance

According to the report, Mali’s AML program is largely compliant in several key areas:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism

However, there are also significant areas of non-compliance, particularly with regards to: + Confiscation and provisional measures + Terrorist financing offense + Transparency and beneficial ownership of legal persons and arrangements

The report found that Mali’s AML program is partially compliant in several other areas:

  • Customer due diligence
  • Record keeping
  • Internal controls

In these areas, the country’s financial institutions are required to take additional steps to improve their compliance with international standards.

Non-Compliance Areas

Mali’s AML program is non-compliant in a few key areas:

+ Regulation and supervision of DNFBPs (Designated Non-Financial Businesses and Professions)
+ Financial intelligence units
+ Mutual legal assistance

In these areas, the country’s authorities have been called upon to take immediate action to bring their practices into line with international best practice.

Compliant Areas

The assessment also highlighted several areas where Mali’s AML program is compliant:

+ Financial institution secrecy laws
+ Customer due diligence
+ Reporting of suspicious transactions

However, even in these areas, there were identified weaknesses that must be addressed if the country is to effectively combat money laundering and terrorist financing.

Conclusion

Overall, the report concludes that while Mali has made significant progress in implementing its AML program, there are still several key areas where improvements are needed. The country’s authorities have been called upon to take immediate action to address these weaknesses and ensure that their financial institutions are fully compliant with international standards.