Financial Crime World

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Comprehensive Report: Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) in Mauritania

Key Recommendations

In order to strengthen AML/CFT measures in Mauritania, we recommend the following key points:

  • Strengthen the Mauritanian Banking Commission’s (BCM) operational capacities: This includes continuation of training programs, especially for judges to hear financial crime cases.
  • Establish the National Financial Information Commission (CANIF): CANIF will be a core component of the preventive mechanism, responsible for detecting and preventing money laundering and terrorist financing.
  • Awareness-raising and training program: A broad awareness-raising and training program should begin soon to educate designated non-financial businesses and professions (DNFBPs) about their responsibilities.

Key Points

The following are some key points regarding the current situation in Mauritania:

  • Designated Non-Financial Businesses and Professions (DNFBPs): DNFBPs are required to exercise due diligence with respect to their customers, but the law does not provide clear practical modalities for this duty.
  • Record-keeping obligations: The law does not explicitly establish record-keeping obligations for DNFBPs.
  • Non-financial professions’ reporting obligations: Non-financial professions are required to report suspicious transactions to CANIF, but since CANIF is not operational yet, these professionals cannot report their suspicions.

Future Actions

In order to address the current challenges in Mauritania, we recommend the following future actions:

  • The authorities will take necessary steps to outline practical measures for DNFBPs.
  • CANIF will launch awareness-raising programs and monitor implementation of AML/CFT internal plans for non-financial professions.

This report highlights key areas for improvement in AML/CFT measures in Mauritania, emphasizing the importance of strengthening the BCM’s operational capacities, establishing CANIF, and conducting awareness-raising and training programs.