Money laundering: FATF reclassifies Tunisia as "country under surveillance" | Tunisia News Gazette

Money laundering: FATF reclassifies Tunisia as “country under surveillance”

The financial Action Task Force (FATF), international institution in charge of the examination and the development of measures against money laundering and the financing of terrorism, has revised the ranking of Tunisia, announced the Central Bank of Tunis (BCT), in a statement published Thursday.

The BCT said that, following the request made by the Tunisian Commission for Financial Analysis (CTAF), the FATF has placed Tunisia in the category, called “countries under surveillance”. This classification, more in line with the Tunisian situation, designates the countries that are improving their device and having firm commitments in this direction.

In fact, in November 2017, the FATF placed Tunisia in the category of “high-risk and non-cooperative countries”. The CTAF found this assessment to be inadequate and a formal request was made to the FATF and the Middle East and North Africa Financial Action Task Force (MENAFATF) to remove this confusion and correct the assessment of Tunisia, with negative consequences for the image of the country.

Considering this “logical” request, the Financial Action Task Force, meeting on 27 January 2018, proceeded to the amendment of the classification of the countries in two groups: the first, relating to the “countries with high-risk countries and non-cooperative” and the second, which includes Tunisia, states “under surveillance”.

Thus, Tunisia integrates a ranking more in line with its commitments, being part of the countries that are committed to a plan of action decided in close collaboration with the international authorities and the FATF.

The FATF, an intergovernmental body created in 1989 by the Ministers of its member states, is working to develop standards and promote the effective implementation of legislative, regulatory and operational measures in the fight against money laundering, terrorist financing and other related threats to ensure the integrity of the international financial system.

Source: TAP news Agency

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