Mali Faces Financial Sector Compliance Challenges Despite Progress

The Republic of Mali has made significant strides in addressing technical deficiencies identified in its Mutual Evaluation Report (MER) on Recommendations 2, 6, 7, 8, and 28. However, despite this progress, the country still faces financial sector compliance challenges.

Financial Sector Compliance Challenges

Sixteen out of a total 34 recommendations were rated as non-compliant or partially compliant in Mali’s recent reports. Recommendations 2, 6, and 7 have been upgraded from partial compliance to largely compliant, while Recommendation 34 has moved from partial compliance to full compliance.

Ongoing Challenges

Recommendations 8 and 28 remain non-compliant, with the country’s next Enhanced Follow-up Report due in May 2024. This highlights the need for further improvements in Mali’s financial sector regulatory framework.

Enhanced Follow-Up System

As a result of these challenges, Mali will continue to be monitored under the enhanced follow-up system. This emphasizes the importance of addressing the remaining non-compliant recommendations to strengthen its financial sector regulatory framework.

Key Recommendations

• Recommendation 2: Upgraded from partial compliance to largely compliant
• Recommendation 6: Upgraded from partial compliance to largely compliant
• Recommendation 7: Upgraded from partial compliance to largely compliant
• Recommendation 8: Remains non-compliant
• Recommendation 28: Remains non-compliant