Financial Crime World

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Money Laundering and Terrorist Financing Prevention in Mauritania: Key Measures for Strengthening Efforts

Mauritania has been working to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) measures to prevent money laundering and terrorist financing. This article outlines the key measures recommended by a report to strengthen AML/CFT efforts in Mauritania.

Situation Assessment

The report evaluates the current state of AML/CFT regulations, laws, and practices in Mauritania. It highlights areas that require improvement to ensure effective prevention of money laundering and terrorist financing.

Key Findings:

  • The country’s AML/CFT framework is still under development.
  • There is a need for strengthening operational capacities for supervision.
  • Training judges, police, and customs forces is essential.

Preventive Measures

The report recommends several preventive measures to strengthen AML/CFT efforts in Mauritania:

Recommendations:

  • Strengthening Operational Capacities: The BCM’s operational capacities should be strengthened through a continuation of the ambitious selection and training program launched by the BCM.
  • Multidisciplinary and Multisectoral Training: Provisions have been made for multidisciplinary and multisectoral training as part of a national action plan, with the first phase scheduled to take place during the last quarter of this year.
  • Establishment of CANIF: The National Financial Information Commission (CANIF) should be set up as soon as possible to constitute the core of the preventive mechanism for the future.

Designated Non-Financial Businesses and Professions (DNFBPs)

The report highlights the importance of exercising due diligence by DNFBPs to know their customers and detect suspicious transactions:

  • Due Diligence: DNFBPs should exercise due diligence to know their customers and detect suspicious transactions.
  • Awareness-Raising and Training Program: A broad awareness-raising and training program should begin soon, especially targeting DNFBPs.

The report touches upon the legal regime for commercial companies and the conditions under which they are created/registered:

  • Commercial Companies: The legal regime for commercial companies is outlined.
  • Conditions for Creation/Registration: The conditions under which commercial companies are created/registered are detailed.

By implementing these measures, Mauritania can strengthen its AML/CFT efforts and prevent money laundering and terrorist financing.