This Follow up Report (FUR) sets out Madagascar's progress in strengthening anti-money laundering and counter terrorist financing measures.
The ESAAMLG Task Force approved the Report at the March 2023 meeting in Arusha, Tanzania. Since its 2018 mutual evaluation, Madagascar has made significant overall progress in resolving the technical compliance shortcomings identified in its MER and ratings for 7 Recommendations have been revised. The jurisdiction has addressed the deficiencies in respect of Recommendations 1 (initially rated NC), 10 (initially rated NC), 13 (initially rated PC), 16 (initially rated NC), 19 (initially rated PC), 32 (initially rated PC), and 34 (initially rated NC). The ESAAMLG upgraded the rating for Recs. 1 and 13 with Compliant (C); Recs 19 and 32 with Largely Compliant (LC) and for Recs. 10, 16 and 34 with Partially Compliant (PC). Madagascar is now compliant on 6 of the 40 Recommendations and largely compliant on 11 of them. It remains non-compliant on 8 Recommendations and partially compliant on 15 Recommendations. Madagascar will remain in enhanced follow-up and will continue to inform the ESAAMLG of the progress made in improving the implementation of its AML/CFT measures.
Posted: 29th May 2023
|Memorandum of Understanding|
|Trends and Methods|
|Country National Strategies|
|Compliance and Financial Inclusion|