Mali Struggles to Eradicate Fraudulent Activities in Finance Sector
The Republic of Mali has made significant progress in complying with international financial regulations, but still faces challenges in addressing fraudulent activities.
Progress Made
According to a recent assessment, Mali has upgraded its ratings on several key recommendations related to combating fraudulent activities. Recommendations 2, 6, and 7, which were previously classified as partially compliant, have been upgraded to largely compliant, indicating significant improvements in Mali’s efforts to prevent and detect financial fraud.
Areas for Improvement
However, despite these gains, the country still faces challenges in addressing fraudulent activities. Recommendation 8 and 28, which were initially non-compliant, have seen improvement, with ratings upgraded to partially compliant. However, 16 recommendations remain rated non-compliant or partially compliant, indicating that further work is needed.
Ongoing Efforts Required
The assessment highlights the ongoing efforts required by the Malian government to strengthen its financial regulatory framework and prevent further fraudulent activities. The country’s authorities must continue to work towards addressing these remaining deficiencies to ensure a stable and transparent financial environment for its citizens and international partners.
Next Steps
Mali will continue to be monitored closely under the enhanced follow-up system, with its next report due in May 2024. This close monitoring will help to ensure that the country remains on track to address its remaining deficiencies and prevent further fraudulent activities.
Key Recommendations
- Recommendation 2: Improved risk assessment and mitigation strategies
- Recommendation 6: Enhanced customer due diligence practices
- Recommendation 7: Strengthened anti-money laundering and combating the financing of terrorism (AML/CFT) framework
- Recommendation 8: Improved financial institution supervision and regulation
- Recommendation 28: Enhanced cooperation with international partners to combat financial crime