Financial Crime World

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Tunisia Takes Strong Stance Against Money Laundering and Terrorism Financing

In an effort to combat money laundering and terrorism financing, Tunisia’s financial authorities have taken a series of measures aimed at reducing the risk of these illegal activities.

Conference Brings Together High-Level Executives

A recent conference brought together over 40 high-level executives from various ministries, government agencies, and regulatory bodies to discuss the issue. The event was attended by judges, senior officers, and executives from:

  • Ministry of Justice
  • Ministry of Domestic Affairs
  • Ministry of Finance
  • Customs Agency
  • Ministry of Communication and Digital Economy

Setting Up a Work Program

The conference focused on setting up a work program to reduce the risks of money laundering and terrorism financing. The program outlined immediate and medium-term actions that will be presented to decision-makers to inform policies and reports.

Recent Efforts to Combat Money Laundering and Terrorism Financing

Tunisia has taken significant steps to combat money laundering and terrorism financing in recent years. Notable efforts include:

  • Enacting Law No. 26 in 2015, which deals with combating terrorism and preventing money laundering
  • Introducing a new system for activating Security Council resolutions concerning targeted financial sanctions
  • Implementing various legislative measures to prevent parallel trade and smuggling, including:
    • Setting a ceiling of liquid cash circulation at the national level
    • Imposing penal measures to regulate cash payments to public accountants (Finance Act No. 54 of 2014)

Regulatory Bodies Take Action

Regulatory bodies have also issued new texts outlining the necessity of adopting a risk-based approach to combat money laundering and terrorism financing. Notable examples include:

  • Capital Market Authority: approved regulatory text requiring financial institutions to carry out due diligence measures
  • General Authority for Insurance: issued decision defining rules of good governance in insurance institutions and reinsurance institutions
  • Microfinance Supervision Authority: issued memorandum regulating due diligence programs and measures to prevent money laundering and combating terrorism financing

Reporting Guidelines

The Tunisian Financial Analysis Committee has also issued decisions outlining guidelines for reporting on transactions and suspicious transactions. These guidelines aim to ensure that financial institutions report any suspicious activity to the authorities in a timely manner.

Conclusion

The conference concluded with a commitment from all parties involved to work together to combat money laundering and terrorism financing. The event was hailed as a significant step forward in Tunisia’s efforts to reduce the risk of these illegal activities.