Tunisia Urged to Strengthen Anti-Money Laundering Measures
The Tunisian government has been called upon to strengthen its anti-money laundering (AML) measures to bring them in line with international standards. A recent report by a financial expert has identified several areas where Tunisia’s regulations fall short.
Weaknesses in Current Regulations
- Lack of clear identification requirements for legal persons
- Absence of a requirement to report on the purpose and nature of business relationships
- Need for explicit due diligence obligation for politically exposed persons
- Clarification required for cases where intermediaries or third parties are used to carry out certain aspects of due diligence measures
- Notion of identification of the beneficial owner is too restrictive and not sufficiently clarified
The report also highlighted concerns over the existence of anonymous cash certificates and capitalization bonds, which are a failure to comply with identification obligations. It recommended that the authorities eliminate these instruments as quickly as possible.
Recommendations for Improvement
Key Recommendations
- Establish explicit due diligence obligations for politically exposed persons
- Clarify requirements for identification and reporting of business relationships
- Eliminate anonymous cash certificates and capitalization bonds
- Implement effective internal control mechanisms in financial institutions
- Improve clarity and definitions on reporting suspicious transactions and operations
Implementation Challenges
The report highlighted several challenges to implementing these recommendations, including:
- Need for clearer regulations and guidelines
- Importance of training and resources for financial institutions and supervisors
Conclusion
The report emphasized that Tunisia must prioritize strengthening its AML measures to prevent money laundering and terrorist financing. By implementing these recommendations, Tunisia can demonstrate its commitment to international cooperation and its willingness to address these serious threats to global financial stability.
Summary
Tunisia’s anti-money laundering measures are not yet in line with international standards. The government has been called upon to strengthen its regulations and implement effective internal control mechanisms in financial institutions. By doing so, Tunisia can prevent money laundering and terrorist financing and demonstrate its commitment to international cooperation.