Financial Crime World

Mauritania’s Money Laundering Regulations: A New Leap Forward with 2nd Enhanced Follow-Up Report

Date: November 2020

The Islamic Republic of Mauritania’s progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) framework has been recognized in the 2nd Enhanced Follow-Up Report (FUR) issued by the Middle East and North Africa Financial Action Task Force (MENAFATF).

Acknowledgment of Mauritania’s Progress

  • Comprehensive evaluation
  • Recognition of persistent progress since the adoption of the Mutual Evaluation Report (MER) in May 2018
  • 32 recommendations to address deficiencies

Significant Achievements

  • Issuance of Law No. 017-2019 on Anti-Money Laundering and Countering the Financing of Terrorism
  • Addresses shortcomings in areas such as Targeted Financial Sanctions (TFS), risk assessment for non-profit organizations (NPOs), and the implementation of Recommendations 1, 4, and 6

National Committees

  • Formation of a National Committee for Combating Money Laundering and Terrorist Financing
  • Establishment of a National Committee to Combat Terrorism

Procedures and Measures

  • Detailed procedures for de-listing, freezing, and unfreezing funds or assets
  • Clear guidelines for requesting removal from the lists

Challenges and Solutions

Impact of COVID-19

  • Continuation of Mauritania’s Enhanced Follow-Up process
  • Circulation of the report among global network members for comments and any additional decisions

Ongoing Shortcomings

  • Enhancing RBA supervision over NPOs
  • Raising and maintaining awareness among NPOs
  • Providing evidence of outreach programs to promote best practices

Conclusion

  • Mauritania’s continuous efforts towards AML/CFT compliance
  • Guidance from international organizations like the MENAFATF
  • Implementation of recommendations outlined in the 2nd Enhanced FUR report to strengthen Mauritania’s position in the global fight against money laundering and terrorist financing