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International: FATF releases report on Mali's AML/CFT measures

The Financial Action Task Force ('FATF') released, on 9 March 2020, its mutual evaluation report ('the Report') on Mali's anti-money laundering and counter-terrorism financing ('AML/CFT') system. In particular, the Report analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Mali's AML/CFT regime in 2019. In this regard, the Report finds that the 2013-2015 AML/CFT strategy has not yet been updated, and that limited policy and institutional measures have been implemented. Furthermore the Report details that financial institutions have a good understanding of their AML/CFT obligations, and that they have put in place due diligence measures tailored to their risks and taken specific due diligence measures for high-risk situations.

Moreover, the Report highlights that the banking and financial regulatory authorities, such as the Banking Commission and the Ministry of Finance, have some understanding of money laundring and terrorism financing risks, which would not the case with the other regulators in the insurance and capital market. In addition, the Report states that the supervisory authorities for insurance and capital market impose AML/CFT obligations on its reporting entities, but have not yet put in place an appropriate methodology and supervisory tools to carry out any risk-based AML/CFT supervision.

You can read the press release here and the Report here