Tunisia Takes Steps to Enhance Anti-Money Laundering Measures

In an effort to strengthen its anti-money laundering (AML) and counter-terrorism financing (CFT) framework, Tunisia has issued a new directive aimed at clarifying the obligations of credit institutions and post offices in identifying customers.

Key Measures Introduced by the Directive

• Verification of customer identities beyond certain thresholds
• Identification of customers acting on behalf of third parties
• Establishment of basic identification requirements for legal persons
• Maintenance of records of transactions and reporting of suspicious activities to authorities
• Enhanced due diligence requirements for high-risk accounts
• Internal controls and procedures to ensure compliance with AML/CFT regulations

Enhancing Due Diligence Requirements for High-Risk Accounts

The directive introduces enhanced due diligence requirements for high-risk accounts, which are defined as those associated with individuals or entities suspected of engaging in illegal activities. This is a significant step forward in Tunisia’s efforts to identify and disrupt money laundering and terrorist financing schemes.

Establishing a Mechanism for Reporting Suspicious Transactions

The Central Bank of Tunisia and Financial Markets Authority (CTAF) has also been tasked with establishing a mechanism for reporting suspicious transactions and operations, which will enable the authority to take swift action against suspected money laundering and terrorist financing activities.

Challenges and Future Plans

While the new directive is seen as a positive step forward, there are still concerns about the effectiveness of Tunisia’s AML/CFT framework. “More needs to be done to strengthen the regulatory framework and ensure that financial institutions are held accountable for their actions,” said a financial expert.

The Tunisian authorities have acknowledged the need for further improvement and have pledged to continue working towards strengthening the country’s AML/CFT regime. “We recognize the importance of ensuring the proper operational functioning of our AML/CFT mechanism, despite its deficiencies or imperfections,” said a senior official at the CTAF.

Conclusion

The new directive is a positive step forward in Tunisia’s efforts to combat money laundering and terrorist financing. The introduction of enhanced due diligence requirements for high-risk accounts and the establishment of a mechanism for reporting suspicious transactions are significant steps towards strengthening the country’s AML/CFT framework. However, more needs to be done to ensure the effectiveness of these measures and to hold financial institutions accountable for their actions.