Financial Crime World

Tunisia Removed from EU’s High-Risk List for AML/CFT

Recognizing Efforts to Improve Anti-Money Laundering Regime

In a significant development, Tunisia has been removed from the European Commission’s list of high-risk third countries with regards to anti-money laundering and counter-terrorist financing (AML/CFT), effective October 2020. This decision is a testament to Tunisia’s concerted efforts to strengthen its AML/CTF regime and address deficiencies identified in previous evaluations.

Progress in Addressing Strategic Deficiencies

According to the Financial Action Task Force (FATF) 2020 report, Tunisia has made significant progress in addressing the remaining strategic deficiencies in its national anti-money laundering and counter-terrorist financing framework. The country’s commitment to improving its AML/CFT regime is a major step forward in combating money laundering and terrorist financing.

Support from the EU Global Facility on AML/CFT

The EU Global Facility on AML/CFT has been instrumental in supporting Tunisia’s efforts, providing training and activities aimed at rectifying potential weaknesses in the country’s anti-money laundering and counter-terrorist financing framework. This support is critical in ensuring that Tunisia’s financial system remains robust and secure against illicit activities.

Implications for Tunisia’s Financial Sector

Tunisia’s removal from the high-risk list marks a significant milestone for the country, demonstrating its commitment to international standards on AML/CFT. This development has far-reaching implications for Tunisia’s financial sector, as it will facilitate greater cooperation with other countries and international organizations in the fight against money laundering and terrorist financing.

Key Takeaways

  • Tunisia removed from EU’s high-risk list for AML/CFT
  • Significant progress made in addressing strategic deficiencies
  • Support from EU Global Facility on AML/CFT critical in ensuring financial system security
  • Removal marks a major milestone for Tunisia, demonstrating commitment to international standards