Financial Crime World

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Tunisia Rated Partly Compliant in AML/CFT Regulations

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A recent report by the Financial Action Task Force (FATF) has evaluated Tunisia’s progress in implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. While Tunisia has made significant strides, it still faces challenges in several areas.

Assessment of Risk and Cooperation

Tunisia was found to be largely compliant in:

  • Assessing risk and applying a risk-based approach
  • National cooperation and coordination

The country’s efforts to implement targeted financial sanctions related to terrorism and terrorist financing were also commended by the FATF.

Areas for Improvement

However, Tunisia was rated partially compliant in several areas, including:

  • Confiscation and provisional measures
  • Terrorist financing offence
  • Customer due diligence

Additionally, the country was found to be non-compliant with regards to:

  • Transparency and beneficial ownership of legal persons and arrangements
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)

Challenges in Implementing New Technologies and Measures

The FATF report also highlighted Tunisia’s lack of progress in implementing measures related to:

  • New technologies
  • Wire transfers
  • Internal controls and foreign branches and subsidiaries

Furthermore, the country was found to be non-compliant with regards to:

  • Reporting suspicious transactions
  • Regulation and supervision of DNFBPs

Recommendations for Improvement

Despite these shortcomings, Tunisia has made significant strides in strengthening its AML/CFT regime, including the establishment of a financial intelligence unit and the implementation of targeted financial sanctions related to terrorism and terrorist financing.

The FATF report recommends that Tunisia:

  • Continue to strengthen its AML/CFT regime by addressing identified deficiencies
  • Implement effective measures to prevent money laundering and terrorist financing
  • Improve cooperation with international partners
  • Enhance supervision and regulation of financial institutions and DNFBPs