Financial Crime World

Mauritania: New Anti-Money Laundering and Counter-Terrorism Financing Laws and Institutional Measures

The West African country of Mauritania has taken considerable strides in recent months to fortify its legal framework against money laundering and terrorism financing. In this article, we explore the new laws and institutional measures that have been put in place to combat these criminal activities.

Approved Laws and Decrees

  • July 2005: The National Assembly and Senate in Mauritania approved two new laws – Anti-Money Laundering Law No. 2005-048 and Law No. 2005-047 on combating terrorism.
  • April 12, 2006: A draft decree on the organization and functioning of the Financial Information Analysis Commission (CANIF) was approved by the Council of Ministers.

Mauritania’s new legislation builds upon existing laws to cover a broader range of financial crimes.

Anti-Money Laundering Law No. 2005-048

  • Extends the scope of the 1993 legislation to cover all forms of money laundering.
  • Criminalizes money laundering and terrorist financing.

Law No. 2005-047 on Terrorism Financing

  • Criminalizes various acts related to terrorism financing.
  • Establishes a legal framework for the seizure and confiscation of terrorist assets.

Institutional Changes

Institutions such as the Central Bank of Mauritania (BCM) and the Ministry of Interior have created new directorates and structures to combat financial crimes.

Central Bank of Mauritania (BCM)

  • Added a Directorate of Economic and Financial Police to handle money laundering cases.

International Cooperation

Mauritania has made progress on the international front in its efforts to combat money laundering and terrorism financing.

  • Ratified several United Nations anti-money laundering and counter-terrorism financing conventions.
  • Seeking membership in the Financial Action Task Force (FATF) and other regional organizations.

CANIF Draft Decree

The draft decree on CANIF will formalize the commission’s role and functions in the fight against financial crimes.

  • Serves as the country’s core preventive mechanism.
  • Responsible for receiving, analyzing, and disseminating financial intelligence to relevant authorities.

Conclusion

Mauritania’s new anti-money laundering and counter-terrorism financing laws and institutional measures demonstrate the government’s commitment to protecting the Mauritanian economy and financial system from these criminal activities. These developments are crucial for both regional and global financial security.