Tunisia Makes Significant Progress in AML CFT Regulations, EU Support Expected

EU Set to Remove Tunisia from List of Countries with Strategic Deficiencies

The European Union is poised to remove Tunisia from its list of countries with strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) measures following the country’s significant progress in implementing reforms.

Tunisia’s Progress in Implementing Reforms

Since being included on the Commission’s list in February 2018, Tunisia has demonstrated a strong willingness to cooperate with EU institutions in improving its legislation and aligning it with EU requirements. The country made substantial headway in implementing the Financial Action Taskforce (FATF) action plan, which was welcomed by the organization in October 2019.

Key Measures Introduced by Tunisia

• Disciplinary and financial penalties
• New due diligence rules for non-financial professions
• Identification of beneficial ownership
• Increased human resources assigned to the Tunisian Commission for Financial Analysis

FATF’s Removal of Tunisia from Monitoring Process

As a result of these efforts, Tunisia is no longer subject to FATF’s monitoring process under its ongoing global AML and CFT compliance process.

EU Support Expected to Follow

Given Tunisia’s removal from the FATF blacklist and its notable efforts, EU support is expected to follow suit. The European Commission is likely to adopt and implement procedures to remove Tunisia from its own list of countries with strategic deficiencies in AML CFT regulations.