Financial Crime World

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Tunisia’s Financial Institutions Boost Security Measures to Combat Money Laundering and Terrorist Financing

Tunisia’s financial institutions have intensified their security measures to enhance their anti-money laundering (AML) and counter-terrorism financing (CFT) efforts, reflecting the country’s commitment to implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations.

Progress in Implementing FATF Recommendations

According to the latest Mutual Evaluation Report 2016, Tunisia has made significant progress in assessing risks and applying a risk-based approach (R.1), with an overall rating of partially compliant (PC). The report highlights that:

  • The country’s financial institutions have strengthened their national cooperation and coordination mechanisms (R.2).
  • Efforts to confiscate and freeze assets linked to money laundering and terrorist financing offenses have improved.
  • Laws and regulations related to money laundering (R.3) and terrorist financing (R.5) have been improved, with an overall rating of compliant (C).

Strengthened Regulations and Controls

Tunisia has also strengthened its requirements for:

  • Non-profit organizations (R.8)
  • Confidentiality and secrecy of customer information (R.9)
  • Customer due diligence procedures (R.10)
  • Accurate records (R.11)
  • Identification of politically exposed persons (R.12)

Additionally, the country’s financial institutions have implemented:

  • Robust correspondent banking controls (R.13) and money or value transfer services controls (R.14)
  • New technologies to combat money laundering and terrorist financing (R.15)
  • Improved wire transfer procedures (R.16)
  • Reliance on third parties (R.17)
  • Internal controls over foreign branches and subsidiaries (R.18)

Enhanced Supervision and Reporting

Tunisia has also introduced measures to:

  • Report suspicious transactions (R.20) and maintain the confidentiality of such reports (R.21)
  • Implement transparency and beneficial ownership requirements for legal persons and arrangements (R.24 and R.25)
  • Regulate and supervise financial institutions (R.26)

The country’s law enforcement authorities have also been strengthened, with improved:

  • Powers of supervisors (R.27)
  • Statistical reporting requirements (R.33)
  • Cash courier controls (R.32)
  • Guidance and feedback mechanisms for financial institutions (R.34)

Commitment to International Cooperation

Tunisia has demonstrated a strong commitment to implementing targeted sanctions related to money laundering and terrorist financing (R.35), as well as international instruments and mutual legal assistance agreements (R.36 and R.37). The country has also made progress in its extradition and other forms of international cooperation efforts (R.39 and R.40).

Conclusion

Tunisia’s financial institutions have demonstrated a strong commitment to implementing the technical requirements of the FATF Recommendations, with many areas rated partially compliant or compliant. The country’s continued efforts to strengthen its AML/CFT measures will be crucial in maintaining its reputation as a stable and secure financial hub in the region.