Financial Crime World

Assessment of Mauritania’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Framework

Mauritania’s AML/CFT framework has both strengths and weaknesses. This report highlights key areas for improvement, including the establishment of a national financial information commission, training and capacity building, due diligence obligations for designated non-financial businesses and professions (DNFBPs), record-keeping obligations for DNFBPs, reporting suspicious transactions, supervision of DNFBPs, and legal requirements for legal persons, legal arrangements, and non-profit organizations.

Establishment of the National Financial Information Commission (CANIF)

  • A presidential decree governing CANIF’s functioning has been adopted.
  • A building to house CANIF has been identified.
  • CANIF is expected to serve as the core of the preventive mechanism for the future.

Training and Capacity Building

  • The operational capacities of the Banking Commission (BCM) need to be strengthened through an ambitious selection and training program.
  • Judges require specialized training to hear financial crime cases.
  • Police and customs forces require training in tracking money laundering and terrorist financing operations.

Due Diligence Obligations for DNFBPs

  • Law No. 2005-048 requires DNFBPs to exercise due diligence to know their customers and detect suspicious transactions.
  • However, no other provision of the law delineates practical modalities and conditions under which this duty is to be carried out.

Record-Keeping Obligations for DNFBPs

  • Law No. 2005-048 does not explicitly establish record-keeping obligations for DNFBPs.
  • CANIF will take necessary steps to outline practical and appropriate measures, including those related to record-keeping.

Reporting Suspicious Transactions

  • Law No. 2005-048 explicitly establishes the obligation of non-financial professions to report suspicious transactions to CANIF.
  • However, since CANIF is not truly operational, DNFBPs are not able to report their suspicions from a practical standpoint.

Supervision of DNFBPs

  • Professional associations for accountants, lawyers, and notaries are tasked with drawing up rules on the prevention and detection of money laundering and terrorist financing.
  • However, they have yet to take measures in this regard or enhance awareness within their professions.

Legal Persons, Legal Arrangements, and Non-Profit Organizations

  • Law No. 2000-05 of March 15, 2000, on the commercial code establishes legal requirements for these entities.
  • However, it does not explicitly address AML/CFT measures.

This report highlights areas where Mauritania’s AML/CFT framework needs improvement. By addressing these weaknesses and implementing recommended changes, the country can strengthen its efforts to prevent money laundering and combat terrorist financing.