Financial Crime World

Enhancing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures in Mauritania

Key Recommendations for Improving AML/CFT Efforts

Strengthening Operational Capacities

  • The Mauritanian Banking Commission’s (BCM) supervision capabilities should be strengthened through training programs for judges, police, and customs forces to tackle money laundering and terrorist financing.
  • This will enable the BCM to effectively supervise financial institutions and prevent AML/CFT offenses.

Establishing a National Financial Information Commission (CANIF)

  • CANIF is expected to serve as a core preventive mechanism for AML/CFT efforts in Mauritania.
  • A presidential decree has already been adopted, and a building has been identified for the commission.

Awareness-Raising and Training Programs

  • A broad awareness-raising and training program should be launched for CANIF, including designated non-financial businesses and professions (DNFBPs).
  • This will ensure that all relevant parties are aware of their roles and responsibilities in preventing AML/CFT offenses.

Record-Keeping Obligations for DNFBPs

  • Law No. 2005-048 requires DNFBPs to exercise due diligence in knowing their customers and detecting suspicious transactions.
  • However, the report notes that no other provision outlines practical modalities for carrying out this duty, highlighting a need for further clarification.

Reporting Obligations for Non-Financial Professions

  • The law explicitly establishes the obligation for certain professions (lawyers, notaries, statutory auditors, accountants, etc.) to report suspicious transactions to CANIF.
  • This will enable these professionals to play an active role in preventing AML/CFT offenses.

Supervision of DNFBPs

  • Professional associations regulating accountants, lawyers, and notaries have yet to take measures to prevent money laundering and terrorist financing.
  • Strengthening their supervision and guidance can help ensure compliance with AML/CFT regulations.

By addressing these areas, Mauritania can improve its AML/CFT efforts and effectively combat financial crimes.