Financial Crime World

Tunisia Takes Steps to Combat Money Laundering and Terrorism Financing

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The Tunisian government has taken significant steps to combat money laundering and terrorism financing, with a focus on improving its legal framework, implementing effective measures to prevent financial crimes, and enhancing international cooperation.

Improving Coordination and Cooperation

The country’s Financial Intelligence Unit (FIU) recently hosted a high-level conference attended by over 40 senior executives from various ministries, regulatory bodies, and law enforcement agencies. The event aimed to promote coordination and cooperation among stakeholders in the fight against money laundering and terrorism financing.

Key Outcomes of the Conference

  • Establishment of a work program outlining immediate and medium-term actions to reduce the risks of money laundering and terrorism financing.
  • Measures included strengthening reporting requirements for financial institutions, improving customer due diligence, and enhancing international cooperation to freeze assets linked to terrorist organizations.

The Tunisian government has made significant progress in enacting legislation to combat money laundering and terrorism financing. Law No. 26 of 2015, which deals with combating terrorism and preventing money laundering, introduced a new system for activating UN Security Council resolutions on targeted financial sanctions.

Key Provisions of the Law

  • Established the National Committee Combating Terrorism, responsible for monitoring and implementing decisions related to UN sanctions.
  • Introduced a new system for activating UN Security Council resolutions on targeted financial sanctions.

Additionally, the government has enacted Law No. 10 of 2017, which concerns reporting on corruption and protecting whistleblowers. This law aims to encourage individuals to report suspected cases of corruption and money laundering without fear of retaliation.

Regulatory Framework

The Tunisian Financial Analysis Committee (CTAF) has issued several decisions aimed at clarifying legislation and disseminating guidelines for financial institutions. These decisions include:

Guidelines and Regulations

  • Reporting transactions and suspicious transactions
  • Due diligence programs and measures to prevent money laundering and combating terrorism financing

International Recognition

Tunisia’s efforts to combat money laundering and terrorism financing have been recognized by international organizations, including the Financial Action Task Force (FATF), which has praised the country’s progress in implementing its action plan to address concerns related to these issues.

Commitment to Combating Money Laundering and Terrorism Financing

The Tunisian government’s commitment to combating money laundering and terrorism financing is crucial in preventing the misuse of the financial system for illegal activities. The country’s efforts will help protect its economy, maintain stability, and ensure that its financial institutions are not used to finance terrorist activities.

By taking these steps, Tunisia demonstrates its dedication to maintaining a stable and secure financial environment, which is essential for economic growth and development.