Financial Crime World

Tunisia Faces Scrutiny Over Compliance with Financial Regulations

A new report has shed light on Tunisia’s compliance with international financial regulations, highlighting areas of strength and weakness. The country received a mixed assessment, with some recommendations being largely implemented while others require further attention.

Areas of Strength

  • Regulation and supervision of financial institutions
  • Powers of supervisors
  • International cooperation
  • Measures to prevent money laundering and terrorist financing

Tunisia has made significant progress in implementing measures to prevent money laundering and terrorist financing. The country is also largely compliant with regards to the regulation and supervision of financial institutions, as well as international cooperation.

Areas for Improvement

  • National cooperation and coordination: Partial compliance
  • Transparency and beneficial ownership of legal persons and arrangements: Partial compliance
  • Financial intelligence unit: In need of improvement

The report identified several areas where Tunisia falls short of expectations. The country was found to be partially compliant with regards to national cooperation and coordination, as well as the transparency and beneficial ownership of legal persons and arrangements. Additionally, Tunisia’s financial intelligence unit was deemed to be in need of improvement.

Areas Requiring Further Attention

  • Implementation of targeted financial sanctions related to terrorism and terrorist financing
  • Regulation and supervision of designated non-profit organizations

The report also highlighted several areas where Tunisia requires further attention. These include the implementation of targeted financial sanctions related to terrorism and terrorist financing, as well as the regulation and supervision of designated non-profit organizations.

Call to Action

The Tunisian authorities have been urged to address these deficiencies and work towards full compliance with the FATF Recommendations. The country’s progress will be closely monitored in the coming years, with a follow-up report expected to be published in 2023.

Conclusion

While Tunisia has made significant strides in implementing international financial regulations, there is still much work to be done to ensure that the country is fully compliant and effective in preventing money laundering and terrorist financing.