Financial Crime World

Tunisia Steps Up Anti-Corruption Measures in Finance

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Tunisia has made significant strides in implementing anti-corruption measures in the financial sector, according to a recent evaluation by the Financial Action Task Force (FATF).

FATF Review Highlights Progress and Challenges

The FATF review assessed Tunisia’s compliance with 40 recommendations aimed at preventing money laundering, terrorist financing, and other financial crimes. According to the report, Tunisia is “partially compliant” with most of these requirements, with some areas showing significant progress.

Areas of Improvement

  • Risk assessment and national cooperation: Tunisia received high ratings in these areas, demonstrating effective risk-based approaches and national coordination efforts.
  • Targeted financial sanctions related to terrorism and terrorist financing: The country has implemented targeted financial sanctions, which were praised by the FATF.
  • National cooperation and coordination efforts: The FATF commended Tunisia’s national cooperation and coordination efforts.

Areas for Improvement

  • Laws on money laundering and confiscation: Tunisia’s laws are not fully compliant with international standards, requiring further revisions.
  • Regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs): There is a need for better regulation and supervision to prevent financial crimes.

Commitment to Strengthening Anti-Corruption Efforts

Despite these challenges, Tunisia’s anti-corruption efforts have been recognized by the FATF. The Tunisian government has committed to continue strengthening its anti-money laundering and combating terrorist financing regime.

Ongoing Reforms to Promote Transparency and Combat Corruption

Tunisia is implementing a series of reforms aimed at promoting transparency and combating corruption. These measures include:

  • Strengthening financial regulations
  • Increasing transparency in public procurement
  • Enhancing the independence of the judiciary

Conclusion

While there is still work to be done, Tunisia’s progress in implementing anti-corruption measures in finance is a positive step towards promoting a more transparent and stable financial sector.