Suspicious Transactions Raise Questions about Asset Freezing in Tunisia

Investigation Uncovers Flaws in Asset Freezing Measures

A recent investigation has revealed a series of suspicious transactions in Tunisia that have raised concerns about the effectiveness of the country’s asset freezing measures. The Tunisian government has been petitioning the President of the Court of First Instance to order the freezing of assets belonging to individuals or legal entities suspected of having ties to terrorist activities.

Flaws in the Current System

The investigation found several flaws in Tunisia’s legal provisions regarding asset freezing:

• The country’s concept of assets is more restrictive than international standards.
• There is no procedure for examining requests to remove individuals or entities from the list of suspected terrorists.
• There is no provision for communicating orders for the release of erroneously frozen funds.

Concerns about Financial Institutions

Financial institutions have not been thoroughly verified in their conduct of checks, and there are concerns about the lack of transparency and accountability in the system.

International Community’s Call to Action

The international community has called on Tunisia to establish a mechanism for freezing assets in accordance with international standards. The country’s financial intelligence unit, the Tunisian Financial Analysis Commission (CTAF), was established in 2003 but still lacks operational autonomy and secure premises.

Challenges Facing CTAF

• Lack of staffing and expertise, particularly in the areas of financial analysis and intelligence gathering.
• Limited resources and inadequate infrastructure.

Need for Strengthened Asset Freezing Measures

The investigation highlighted concerns about the lack of criminal policy aimed specifically at dealing with the financial dimension of cases, except for terrorism. This lack of focus on financial crimes has led to a dearth of expertise among judges and prosecutors. In light of these findings, it is clear that Tunisia needs to strengthen its asset freezing measures to prevent the misuse of funds for terrorist activities.

Recommendations

• Establish a mechanism for freezing assets in accordance with international standards.
• Provide adequate resources and infrastructure to support the CTAF’s operations.
• Develop specialized units within the public prosecutor’s department or among investigating magistrates to investigate financial crimes.
• Create a unit specializing in financial crime within the Prosecutor’s office.

The international community will be watching closely as Tunisia works to implement reforms to improve transparency, accountability, and effectiveness in this area.