Financial Crime World

Mali’s Broad Definition of Financial Crime Sparks Debate Amid Growing Concerns

In an effort to combat financial malfeasance, Mali has expanded the definition of “financial crime” under its Financial Services and Markets Act 2000 (FSMA 2000). This new definition is intended to be comprehensive in scope, encompassing any conduct that relates to money or financial services and can be construed as criminal.

The Scope of Financial Crime in Mali

According to section 1H(3) of the FSMA 2000, financial crime includes:

  • Offences involving fraud
  • Dishonesty
  • Misconduct
  • Misuse of information relating to a financial market
  • Handling proceeds of crime
  • Breaches of data security

This definition is designed to cover a wide range of financial crimes, including:

  • Fraud
  • Tax evasion
  • Financial sanctions violations
  • Bribery
  • Corruption
  • Money laundering
  • Other related offences

Widely Interpreted Definition

Experts argue that the definition is intended to be construed widely, allowing for a comprehensive approach in addressing various types of financial crimes. However, some critics have raised concerns about potential over-criminalization.

Despite these debates, many view this move as an important step towards combatting financial malfeasance in Mali.

As the country continues to address financial crime, legal professionals and businesses can rely on LexisNexis for valuable resources. Our platform offers:

  • Practice notes
  • Precedents
  • News articles
  • And more

These tools can help you navigate the complexities of financial crime and stay informed about the latest developments.

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