Tunisia Takes Steps to Prevent Financial Crime, but Room for Improvement

Introduction

A recent report by the Financial Action Task Force (FATF) has evaluated Tunisia’s efforts to prevent financial crime, including money laundering and terrorist financing. The report highlights both progress made by the country and areas where improvement is needed.

Progress Made

Tunisia has established a clear legal framework for combating money laundering and terrorist financing. Key steps taken include:

• Assessing Risk: Implementing a risk-based approach to identify potential threats.
• Confiscation and Provisional Measures: Taking swift action against individuals and entities involved in financial crime.
• Targeted Financial Sanctions: Enacting measures to prevent the financing of terrorism and terrorist activities.
• Customer Due Diligence: Conducting thorough checks on customers to ensure compliance with anti-money laundering regulations.
• Record Keeping: Maintaining accurate records to facilitate monitoring and enforcement.

Room for Improvement

The report identifies several areas where Tunisia needs to improve its efforts:

• National Cooperation and Coordination: Enhancing collaboration between different government agencies and stakeholders to combat financial crime.
• Money Laundering Offence: Strengthening laws and regulations related to money laundering to ensure effective prosecution.
• Transparency and Beneficial Ownership of Legal Persons: Improving transparency in the ownership structures of legal entities to prevent abuse.
• Regulation and Supervision of Financial Institutions: Enhancing supervisory powers to monitor and enforce compliance with anti-money laundering regulations.

Call to Action

The FATF report emphasizes the importance of continued efforts by Tunisia to strengthen its anti-money laundering and counter-terrorist financing regime. The country must address identified gaps and shortcomings to meet international standards.