Financial Crime World

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Tunisia Takes Steps Towards Implementing Anti-Money Laundering and Combating the Financing of Terrorism Measures

Progress Made, but Room for Improvement

The Tunisian government has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, but still requires improvement to meet international standards.

FATF Evaluation Highlights Key Areas for Improvement

According to a recent evaluation by the Financial Action Task Force (FATF), Tunisia has partially complied with Recommendation 23 on preventing the use of shell banks for money laundering or terrorist financing. The country’s financial institutions are required to implement programs against ML/TF consistent with the requirements in Tunisia, but to the extent that host country laws and regulations permit.

Transparency and Beneficial Ownership Regime Needs Improvement

The evaluation also highlighted the need for Tunisia to improve its transparency and beneficial ownership regime. The country has taken steps to address this issue by ratifying a law on the national register of enterprises, which established a mechanism for identifying the beneficial owner of legal persons. However, further action is needed to ensure that companies maintain accurate information about their beneficial owners and provide access to this information.

Recommendations for Improvement

To improve its implementation of AML/CFT measures, Tunisia should:

  • Implement programs against ML/TF consistent with the requirements in Tunisia, but to the extent that host country laws and regulations permit.
  • Require companies to maintain accurate information about their beneficial owners and provide access to this information.
  • Improve its transparency and beneficial ownership regime by requiring legal arrangements to declare their status and identify their beneficial owners.
  • Strengthen its implementation of due diligence measures for financial institutions and other designated non-financial businesses and professions (DNFBPs).
  • Enhance international cooperation on AML/CFT matters, including through the exchange of information and assistance with foreign authorities.

Conclusion

By taking these steps, Tunisia can further strengthen its efforts to combat money laundering and terrorist financing, and demonstrate its commitment to implementing effective AML/CFT measures.