Financial Crime World

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Mauritania Takes Significant Steps to Combat Financial Crime

Nouakchott, Mauritania - In a bid to strengthen its financial systems and combat financial crime, the Mauritanian government has introduced two landmark laws: No. 2005-047 and No. 2005-048.

Creation of Directorate of Economic and Financial Police

The first law creates a new Directorate of Economic and Financial Police within the Ministry of Interior, tasked with combating financial crime. This new structure will be staffed by approximately 50 personnel, including supervisors, and will have jurisdiction over money laundering and terrorist financing.

  • Key responsibilities:
    • Combating financial crime
    • Jurisdiction over money laundering and terrorist financing

Strengthening Oversight in Financial Institutions

The second law introduces preventive measures to combat money laundering and terrorist financing within financial institutions. The Bank of Mauritania (BCM) has been granted full authority to supervise and regulate financial institutions, with a focus on preventing the use of financial systems for illicit activities.

  • Key responsibilities:
    • Supervising and regulating financial institutions
    • Preventing the use of financial systems for illicit activities

Designated Non-Financial Businesses and Professions (DNFBPs)

The laws also impose obligations on DNFBPs to exercise due diligence in knowing their customers and detecting suspicious transactions. While the laws require DNFBPs to report suspicious transactions to CANIF, experts have noted that this provision is currently not operational due to the lack of a fully functioning CANIF.

  • Key responsibilities:
    • Exercising due diligence in knowing their customers
    • Detecting suspicious transactions

Next Steps

To strengthen its efforts against financial crime, Mauritania plans to:

  • Establish a broad awareness-raising and training program for DNFBPs
  • Launch an awareness-raising campaign targeting these professions
  • Monitor implementation of their anti-money laundering and counter-terrorism financing internal plans

In conclusion, while Mauritania’s efforts to combat financial crime are commendable, there is still much work to be done in terms of practical implementation. The country’s authorities must continue to strengthen oversight and regulations within the financial sector, while also enhancing awareness and training among DNFBPs.