Mauritania’s Financial Crimes Laws Undergo Re-evaluation by MENAFATF
Mauritania’s Enhanced Follow-Up Report (FUR)
Nov. 2020, Nouakchott, Mauritania – The Middle East and North Africa Financial Action Task Force (MENAFATF) has issued Mauritania’s second Enhanced Follow-Up Report (FUR) on its anti-money laundering and countering the financing of terrorism (AML/CFT) efforts, following a determination of non-compliance with several recommendations during the initial evaluation in May 2018.
Request for Technical Compliance (TC) Re-ratings on 32 Recommendations
The report, which includes a request for Technical Compliance (TC) re-ratings on 32 recommendations, was adopted during the 31st MENAFATF plenary meeting.
Progress Made, But Challenges Persist
In the first FUR, Mauritania requested re-ratings for six recommendations. Progress was made in several areas, including risk assessment and the implementation of preventative measures. However, challenges persisted, particularly in the areas of confiscation and provisional measures.
Comprehensive Analysis of Progress Achieved
The latest FUR includes a comprehensive analysis of the progress achieved in implementing the recommendations Mauritania has requested re-evaluation of. Mauritania submitted detailed information on each of the requested recommendations and the measures taken to address the identified shortcomings.
Key Improvements and Challenges
Key improvements were noted in areas like:
- Assessing risks and applying a risk-based approach
- Targeted financial sanctions to counter terrorism and terrorist financing
- Supervision and enforcement mechanisms
However, challenges remained in areas like confiscation and freezing of assets, and provisions for the prevention of terrorist financing in non-profit organizations. Mauritania committed to continuing efforts to address these challenges and submitted a plan for periodic risk assessments and strengthened supervision.
Extension Granted for Submission of 3rd Enhanced FUR
The MENAFATF plenary meeting granted Mauritania an extension to submit its 3rd Enhanced FUR at the 33rd plenary meeting in November 2021. The next FUR will include a comprehensive evaluation of Mauritania’s progress in addressing the shortcomings identified in this report, as well as updates on new legislative and regulatory developments. The deadline for submission of comments on the report is yet to be announced by MENAFATF.
Intensifying Efforts to Comply with International Standards
Since its first evaluation, Mauritania has intensified its efforts to bring its financial framework into compliance with international standards. However, challenges persist in implementing and enforcing various aspects of its AML/CFT framework, particularly in the areas of confiscation and freezing of assets.
Commitment to Addressing Challenges
With the support of MENAFATF and the international community, Mauritania is dedicated to addressing these challenges and advancing its position as a responsible and compliant member of the global financial community.