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Mauritania Grapples with Terrorist Financing Risks, Implements Partial Mitigation Strategies
A report by the Financial Action Task Force (FATF) has highlighted significant terrorist financing risks in Mauritania, a West African nation. The report assesses the country’s compliance with international anti-money laundering and combating the financing of terrorism (AML/CFT) standards.
Assessing Risk and Applying a Risk-Based Approach
Mauritania received a rating of “partially compliant” for its ability to assess risk and apply a risk-based approach, as outlined in Recommendation R.1 of the FATF’s 40 Recommendations. The country has taken steps to establish a risk assessment framework, but gaps remain in its application.
- Established a risk assessment framework
- Identified areas where improvement is needed
National Cooperation and Coordination
Mauritania received a rating of “compliant” for its national cooperation and coordination efforts, as outlined in Recommendation R.2. However, challenges persist in ensuring effective communication among various government agencies and entities responsible for AML/CFT efforts.
- Identified areas where improvement is needed
- Challenges in ensuring effective communication among government agencies
Money Laundering Offence and Confiscation Measures
The country’s money laundering offence and confiscation measures received a rating of “largely compliant” under Recommendations R.3 and R.4, respectively. Mauritania has established laws to combat money laundering, but some provisions are insufficient or unclear.
- Established laws to combat money laundering
- Some provisions are insufficient or unclear
Terrorist Financing Offence and Sanctions
Mauritania received a rating of “compliant” for its terrorist financing offence, as outlined in Recommendation R.5. The country has implemented targeted financial sanctions related to terrorism and terrorist financing under Recommendation R.6. However, some concerns remain regarding the effectiveness of these measures.
- Implemented targeted financial sanctions
- Concerns regarding the effectiveness of measures
Non-Profit Organisations and Financial Institution Secrecy Laws
Mauritania’s non-profit organisations and financial institution secrecy laws received a rating of “partially compliant” under Recommendations R.8 and R.9, respectively. The country has taken steps to regulate non-profit organisations, but gaps remain in its oversight.
- Taken steps to regulate non-profit organisations
- Gaps remain in oversight
Customer Due Diligence and Record Keeping
The country’s customer due diligence and record keeping measures received a rating of “compliant” under Recommendations R.10 and R.11, respectively. Mauritania has established requirements for financial institutions to verify customers’ identities and maintain accurate records.
- Established requirements for verifying customer identities
- Maintained accurate records
Correspondent Banking and Wire Transfers
Mauritania received a rating of “largely compliant” for its correspondent banking and wire transfers measures, as outlined in Recommendations R.13 and R.16, respectively. The country has implemented regulations to prevent the misuse of correspondent banking services and wire transfers.
- Implemented regulations to prevent misuse
- Challenges remain in ensuring effective implementation
Challenges Ahead
While Mauritania has made progress in implementing AML/CFT measures, significant challenges remain. The country must address gaps in its risk assessment framework, enhance national cooperation and coordination, and strengthen its oversight of non-profit organisations and financial institutions.
- Address gaps in risk assessment framework
- Enhance national cooperation and coordination
- Strengthen oversight of non-profit organisations and financial institutions