Mauritania’s Efforts to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism Framework

Introduction

This report evaluates Mauritania’s compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. The Financial Action Task Force (FATF) or a similar international organization has identified key areas for improvement in Mauritania’s AML/CFT framework.

Progress Made by Mauritania

Mauritania has made significant progress in strengthening its AML/CFT framework, including:

Strengthening the Bank of Mauritania’s Operational Capacities for Supervision

• The report recommends that the Bank of Mauritania (BCM) continue its ambitious selection and training program for supervisors.
• This will help ensure effective supervision of financial institutions and prevent money laundering and terrorist financing activities.

Establishment of the National Financial Information Commission (CANIF)

• CANIF will serve as the core preventive mechanism for AML/CFT efforts in Mauritania.
• A presidential decree governing CANIF’s functioning has been adopted, and a building to house the commission has been identified.

Awareness-Raising and Training Program

• A broad awareness-raising and training program should begin soon, targeting:
  • Designated Non-Financial Businesses and Professions (DNFBPs)
  • Legal persons
  • Legal arrangements
  • Non-profit organizations

Areas for Improvement

Despite progress made, Mauritania still needs to address the following areas:

Due Diligence Requirements for DNFBPs

• Mauritania’s law stipulates that DNFBPs must exercise due diligence to know their customers and detect suspicious transactions.
• However, no practical modalities are outlined.

Record-Keeping Obligations for DNFBPs

• The report notes that CANIF will take steps to outline record-keeping measures for DNFBPs.

Reporting Requirements for Non-Financial Professions

• Mauritania’s law requires certain non-financial professions to report suspicious transactions.
• Since CANIF is not operational, these professions cannot report their suspicions in practice.

Self-Regulation Authorities

The self-regulation authorities of accountants, lawyers, and notaries have yet to take measures to prevent and detect money laundering and terrorist financing. However, CANIF will launch an awareness-raising program and monitor implementation of AML/CFT internal plans by these professions.