Financial Crime World

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Mali Faces Pressure to Enhance Anti-Money Laundering Framework

July 15, 2015 - Bamako, Mali

Mali has been urged to adopt and effectively implement an Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework compliant with the Financial Action Task Force (FATF) Recommendations in order to strengthen its fight against corruption and money laundering.

Current AML/CFT Framework Falls Short

According to a recent Technical Assistance Report on Anticorruption and Anti-money Laundering in Mali, the country’s current AML/CFT framework falls short of meeting international standards. The report highlights that Mali can improve its compliance with the FATF Recommendations by taking internal measures consistent with the West African Economic and Monetary Union directive.

Recommendations for Improvement

Experts argue that the effective implementation of an AML/CFT framework would not only help Mali combat money laundering but also contribute to the fight against corruption. To achieve this, the country is advised to:

  • Strengthen laws and regulations related to financial crimes
  • Improve customer due diligence
  • Enhance international cooperation

Addressing Corruption

Corruption remains a significant challenge in Mali, with reports of bribery and embezzlement being rampant across various sectors. Experts warn that addressing corruption is crucial for the effective implementation of an AML/CFT framework. This includes:

  • Ensuring all sectors of society are committed to transparency and accountability
  • Identifying and addressing the root causes of corruption

Economic Growth and Stability

The effective implementation of an AML/CFT framework is seen as crucial for Mali’s economic growth and stability. The report has been widely welcomed by international organizations and experts, who believe that it provides a much-needed wake-up call for Mali to strengthen its anti-money laundering regime.

Conclusion

Mali faces pressure to enhance its Anti-Money Laundering framework in order to meet international standards and combat corruption and money laundering. Implementing a robust AML/CFT framework requires significant changes to the country’s legal and regulatory framework, as well as addressing the root causes of corruption.