Financial Crime World

Tunisia Faces Challenges in Financial Crime Prevention and Deterrence

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A recent report has highlighted areas where Tunisia needs improvement in preventing and deterring financial crimes.

Compliance with FATF Recommendations

Tunisia has largely complied with the technical requirements of the Financial Action Task Force (FATF) Recommendations. However, there are still several areas where the country falls short.

  • Risk Assessment: Tunisia was rated as “largely compliant” in this area, indicating a need for improvement.
  • National Cooperation and Coordination: The country was classified as “partially compliant”, requiring attention to ensure effective collaboration between different authorities.

Progress Made

Tunisia has made significant progress in:

  • Money Laundering and Terrorist Financing Offenses: The country is deemed “compliant” in these areas, demonstrating its efforts in combating these crimes.
  • Confiscation and Provisional Measures: Tunisia’s laws are in line with international standards in this area.

Areas for Improvement

The report highlights several areas where Tunisia needs to improve:

  • Financial Institution Secrecy: The country’s laws require revision to comply with international standards.
  • Customer Due Diligence, Record Keeping, and Internal Controls: Improvements are needed in these areas to prevent financial crimes.
  • Transparency and Beneficial Ownership of Legal Persons and Arrangements: Tunisia needs to strengthen its regulations and supervision in this area.
  • Regulation and Supervision of Financial Institutions, DNFBPs, and Financial Intelligence Units: Attention is required to ensure effective regulation and supervision.

Call to Action

The report commends Tunisia’s efforts in the fight against money laundering and terrorist financing, but stresses the need for continued improvement and cooperation with international partners. The country has been urged to implement measures to strengthen its financial crime prevention and deterrence framework, particularly in areas such as risk assessment, customer due diligence, and transparency.

Commitment to Improvement

Tunisia’s authorities have pledged to address these concerns and work towards full compliance with the FATF Recommendations.