Financial Crime World

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Tunisia Struggles with Money Laundering Detection, But Makes Progress

A recent evaluation by the Financial Action Task Force (FATF) has revealed that Tunisia has made significant progress in implementing anti-money laundering measures. However, there are still areas where the country falls short.

Compliance Report

According to the report, Tunisia is:

  • Compliant with 13 of the 40 recommendations made by the FATF
  • Largely compliant with 14
  • Partially compliant with 11
  • Non-compliant with only two

Progress in Risk Assessment and Mitigation

One area where Tunisia has shown significant improvement is in its ability to assess risk and apply a risk-based approach. The country’s financial institutions are now better equipped to identify and mitigate potential money laundering risks.

Challenges in National Cooperation and Coordination

However, there are still concerns about the effectiveness of Tunisia’s national cooperation and coordination mechanisms. While the country has made progress in this area, it still lacks a comprehensive system for sharing information between different law enforcement agencies.

Effective Measures for Asset Confiscation and Freezing

Tunisia has also struggled with implementing effective measures to confiscate and freeze assets related to money laundering and terrorist financing. The country’s financial institutions are often slow to respond to requests from authorities to freeze assets, which can hinder efforts to disrupt criminal networks.

Concerns about Non-Profit Organizations and Financial Institutions

The report also highlighted concerns about Tunisia’s laws and regulations related to non-profit organizations and the lack of transparency in their operations. Additionally, there is a need for improvement in the regulation and supervision of financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions).

Conclusion

Despite these challenges, the FATF evaluation noted that Tunisia has made significant progress in implementing anti-money laundering measures over the past few years. The country’s authorities have shown a commitment to improving its compliance with international standards and are working to address the remaining deficiencies.

In conclusion, while Tunisia still faces challenges in detecting and preventing money laundering, it is clear that the country is making efforts to improve its anti-money laundering framework. With continued cooperation from financial institutions and law enforcement agencies, Tunisia can further strengthen its ability to combat money laundering and terrorist financing.