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Mauritania’s Anti-Money Laundering Efforts Lacking in Depth
A recent report has highlighted several shortcomings in Mauritania’s efforts to combat money laundering and financing of terrorism.
Investigating Predicate Offenses, But Not Enough
Despite some progress made in investigating predicate offenses, authorities have failed to conduct parallel investigations into the underlying money laundering crimes. This means that many cases related to money laundering have not been prosecuted, despite evidence of criminal activity. As a result, there is no effective sanction against natural and legal persons involved in such activities.
Deficiencies in Laws and Regulations
Mauritania’s laws and regulations require cooperation with international authorities in the fight against terrorist financing and proliferation. However, the country lacks:
- A mechanism for proposing individuals or entities to the United Nations Security Council
- A competent authority or legal framework for implementing relevant resolutions
Financial Investigation Process Deficiencies
The report also highlights deficiencies in identifying terrorist financing crimes, particularly in the financial investigation process. There are concerns about international cooperation and the lack of sufficient statistics on investigations and prosecutions of such crimes.
Implementation of UN Security Council Resolutions
Mauritania’s implementation of UN Security Council resolutions related to terrorism and proliferation is plagued by technical deficiencies. The country lacks a clear approach to dealing with the threat of terrorist financing, and several entities have not implemented relevant resolutions.
Preventing Misuse of Non-Profit Organizations
The report notes that Mauritania has taken some steps to prevent the misuse of non-profit organizations in terrorist financing. However, many significant aspects are absent, including:
- Identifying organizations most exposed to TF risks through risk assessment
- Establishing measures to prevent misuse
Targeted Financial Sanctions
The implementation of targeted financial sanctions related to UN Security Council resolutions on proliferation is also absent. Financial institutions and designated non-financial businesses or professions have no understanding of their obligations regarding the implementation of such sanctions.
Conclusion
Overall, the report suggests that Mauritania’s anti-money laundering efforts are lacking in depth and effectiveness, and that further action is needed to address these shortcomings.