Financial Crime World

Tunisia Confronts Growing Threats of Terrorism Financing Amidst Geostrategic Changes

Introduction

As the North African region continues to grapple with growing armed conflict and division, Tunisia is facing a heightened threat of terrorism financing. The country’s vulnerabilities have been identified as relatively high, according to a recent report by the Tunisian Financial Analysis Committee (TFAC).

Vulnerabilities Identified

The TFAC, in collaboration with international organizations such as the World Bank, has launched an initiative to assess the country’s risks and weaknesses in combating terrorism financing. The committee has concluded that Tunisia suffers from several vulnerabilities, including:

Six Key Points of Vulnerability

  • Legislative Loopholes: The lack of effective legislation to prevent money laundering and terrorism financing.
  • Limited Resources: Many structures tasked with combating terrorism have limited human and material resources.
  • Inadequate Coordination: A lack of effective national coordination between different structures responsible for combating terrorism.

Corrective Actions Proposed

To address these vulnerabilities, the TFAC has proposed a set of corrective actions, including:

Strengthening Legislative Frameworks

  • Strengthening legislative frameworks to prevent money laundering and terrorism financing.
  • Enhancing international cooperation and information sharing.
  • Improving national coordination and communication among relevant structures.

Recent Legislative Changes

The report highlights several key legislative changes implemented in recent years, including:

  • National Strategy for Combating Terrorism and Extremism (2016)
  • National Strategy for Good Governance and Anti-Corruption (2016)
  • Regulating the Capital Market Authority (2017)
  • Decision No. 1 of 13 July 2016 defining rules of good governance in insurance institutions
  • Microfinance Supervision Authority’s Memorandum No. 13 of 15 March 2017 on due diligence programs

Guidelines and Decisions

The TFAC has also issued guidelines for reporting transactions and suspicious transactions, as well as decisions on clarifying the roles and responsibilities of various regulatory bodies.

Conclusion

As Tunisia continues to face growing threats from terrorism financing, the country must prioritize strengthening its legislative frameworks, enhancing international cooperation, and improving national coordination to effectively combat these threats.