Strengthening Financial Regulation and Governance in Mali: A Key Step in Combating Corruption and Money Laundering

Kigali, July 19, 2023 - A recent diagnostic mission by experts from the International Monetary Fund (IMF) has highlighted the need for Mali to strengthen its financial regulation and governance framework to combat corruption and money laundering. The mission, conducted in early 2021, assessed progress made in three key areas: the rule of law, tax and customs administration, and public financial management.

Assessment Findings

The report, titled “Selected Issues Paper No. 2023/057”, found that while Mali has made some progress in these areas, significant weaknesses remain. Specifically:

• The anti-money laundering and combating the financing of terrorism (AML/CFT) regime is vulnerable to corruption and lacks effective implementation.
• Key vulnerabilities exist in the country’s customs administration core functions.
• Corruption risks are present in public financial management systems.

Reforms Needed

The report calls for immediate reforms to address these weaknesses, including:

Strengthening Financial Governance

• Enhancing independence and effectiveness of the Financial Intelligence Unit
• Improving cooperation between law enforcement agencies and the financial sector
• Increasing transparency and accountability in government spending

Reforming Financial Regulation

• Adopting international standards for AML/CFT
• Implementing measures to prevent corruption in the financial sector
• Strengthening oversight and regulation of the banking and financial sectors

Access the Full Report

The full report can be downloaded free from the IMF website. The comprehensive assessment provides a detailed evaluation of Mali’s financial governance framework and recommendations for reform.

By implementing these reforms, Mali can strengthen its financial regulation and governance framework, reducing corruption and money laundering risks and promoting economic stability and growth.