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Anti-money laundering and

counter-terrorist financing measures Mali

Mutual Evaluation Report

November 2019

The Inter-Governmental Action Group against Money Laundering (GIABA) is a specialized institution of ECOWAS and a FATF Style Regional Body that promotes policies to protect member States financial system against money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter terrorist financing (CTF) standard. For more information about GIABA, please visit the website: www.giaba.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city, or area. This assessment was adopted by GIABA at its November 2019 Plenary meeting.

Citing reference:

© 2020 GIABA. All rights reserved.

No reproduction or translation of this publication may be made without prior written permission. Application

for permission to disseminate, reproduce or translate all or part of this publication should be made to GIABA,

Complexe Sicap Point E Av Chiekh A. Diop, X Canal IV 1er Etage Immeuble A, BP 32400, Ponty Dakar (Senegal). E-mail: secretariat@giaba.org GIABA (2020), Anti-money laundering and counter-terrorist financing measures Mali (nov2019), Second Round Mutual Evaluation Report, GIABA, Dakar

Table of Contents

ACRONYMS ............................................................................................................................................. 1

EXECUTIVE SUMMARY ....................................................................................................................... I

MUTUAL EVALUATION REPORT ..................................................................................................... 1

PREFACE ................................................................................................................................................. 1

CHAPTER 1. MONEY LAUNDERING AND TERRORIST FINANCING (ML/TF) RISKS AND

CONTEXT ................................................................................................................................................. 3

ML/TF RISKS AND SCOPING OF HIGHER RISK ISSUES ........................................................................... 3

SCOPING OF HIGHER RISK ISSUES .......................................................................................................... 5

MATERIALITY ......................................................................................................................................... 7

STRUCTURAL ELEMENTS ...................................................................................................................... 10

BACKGROUND AND OTHER CONTEXTUAL ELEMENTS .......................................................................... 10

CHAPTER 2. NATIONAL AML/CFT POLICIES AND COORDINATION .................................. 22

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 22

IMMEDIATE OUTCOME 1 (RISK, POLICY AND COORDINATION) ............................................................. 23

CHAPTER 3. LEGAL SYSTEM AND OPERATIONAL ISSUES ................................................... 30

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 30

IMMEDIATE OUTCOME 6 (FINANCIAL INTELLIGENCE ML/TF) ............................................................ 33

IMMEDIATE OUTCOME 7 (ML INVESTIGATION AND PROSECUTION) .................................................... 40

IMMEDIATE OUTCOME 8 (CONFISCATION) ........................................................................................... 44

CHAPTER 4. TERRORIST FINANCING AND FINANCING OF PROLIFERATION ............... 50

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 50

IMMEDIATE OUTCOME 9 (TF INVESTIGATION AND PROSECUTION) ..................................................... 53

IMMEDIATE OUTCOME10 (TF PREVENTIVE MEASURES AND FINANCIAL SANCTIONS) ......................... 57

IMMEDIATE OUTCOME 11 (PF FINANCIAL SANCTIONS) ....................................................................... 61

CHAPTER 5. PREVENTIVE MEASURES......................................................................................... 64

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 64

IMMEDIATE OUTCOME 4 (PREVENTIVE MEASURES) ............................................................................ 65

CHAPITER 6. SUPERVISION ............................................................................................................. 78

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 78

IMMEDIATE OUTCOME 3 (SUPERVISION) .............................................................................................. 80

CHAPTER 7. LEGAL PERSONS AND ARRANGEMENTS ........................................................... 88

KEY FINDINGS AND RECOMMENDED ACTIONS .................................................................................... 88

IMMEDIATE OUTCOME 5 (LEGAL PERSONS AND ARRANGEMENTS) ..................................................... 89

CHAPTER 8. INTERNATIONAL COOPERATION ......................................................................... 95

KEY FINDINGS AND RECOMMENDED ACTION ...................................................................................... 95

IMMEDIATE OUTCOME 2 (INTERNATIONAL COOPERATION) ................................................................ 96

ANNEX ON TECHNICAL COMPLIANCE ..................................................................................... 107

RECOMMENDATION 1 - RISK ASSESSMENT AND IMPLEMENTATION OF A RISK-BASED APPROACH .. 107

RECOMMENDATION 2 - NATIONAL COOPERATION AND COORDINATION .......................................... 109

RECOMMENDATION 3 - MONEY LAUNDERING OFFENCE .................................................................... 110

RECOMMENDATION 4 - CONFISCATION AND PROVISIONAL MEASURES ............................................. 112

RECOMMENDATION 5 - TERRORIST FINANCING OFFENCE ................................................................. 113

RECOMMENDATION 6 - TARGETED FINANCIAL SANCTIONS RELATED TO TERRORISM AND TERRORIST

FINANCING .......................................................................................................................................... 115

RECOMMENDATION 7 - TARGETED FINANCIAL SANCTIONS RELATED TO PROLIFERATION ................ 118

RECOMMENDATION 8 - NON-PROFIT ORGANIZATIONS (NPOS) ......................................................... 119

RECOMMENDATION 9 - ACTS OF PROFESSIONAL SECRECY OF FINANCIAL INSTITUTIONS. ............... 121

RECOMMENDATION 10 - CUSTOMER DUE DILIGENCE ........................................................................ 122

RECOMMENDATION 11 - RECORD-KEEPING ....................................................................................... 127

RECOMMENDATION 12 - POLITICALLY EXPOSED PERSONS ............................................................... 128

RECOMMENDATION 13 - CORRESPONDENT BANKING ........................................................................ 130

RECOMMENDATION 14 - MONEY OR VALUE TRANSFER SERVICES (MVTS) ..................................... 131

RECOMMENDATION 15 - NEW TECHNOLOGIES .................................................................................. 133

RECOMMENDATION 16 - WIRE TRANSFERS ........................................................................................ 134

RECOMMENDATION 17 - RELIANCE ON THIRD PARTIES ..................................................................... 138

RECOMMENDATION 18 - INTERNAL CONTROLS AND FOREIGN BRANCHES AND SUBSIDIARIES ........ 139

RECOMMENDATION 19 - HIGHER RISK COUNTRIES ........................................................................... 140

RECOMMENDATION 20 - SUSPICIOUS TRANSACTION REPORTING ...................................................... 141

RECOMMENDATION 21 - TIPPING-OFF AND CONFIDENTIALITY .......................................................... 141

RECOMMENDATION 22 - DESIGNATED NON-FINANCIAL BUSINESSES AND PROFESSIONS: CUSTOMER

DUE DILIGENCE .................................................................................................................................. 142

RECOMMENDATION 23 - DNFBPS: OTHER MEASURES ..................................................................... 144

RECOMMENDATION 24 - TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS ......... 145 RECOMMENDATION 25 - TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL ARRANGEMENTS

............................................................................................................................................................ 147

RECOMMENDATION 26 - REGULATION AND SUPERVISION OF FINANCIAL INSTITUTIONS ................. 148

RECOMMENDATION 27 - POWERS OF SUPERVISORS ........................................................................... 151

RECOMMENDATION 28 - REGULATION AND SUPERVISION OF DNFBP .............................................. 152

RECOMMENDATION 29 - FINANCIAL INTELLIGENCE UNIT ................................................................. 153

RECOMMENDATION 30 - RESPONSIBILITIES OF LAW ENFORCEMENT AND INVESTIGATIVE AUTHORITIES

............................................................................................................................................................ 155

RECOMMENDATION 31- POWERS OF LAW ENFORCEMENT AND INVESTIGATIVE AUTHORITIES ......... 156

RECOMMENDATION 32 - CASH COURIERS .......................................................................................... 157

RECOMMENDATION 33 - STATISTICS .................................................................................................. 159

RECOMMENDATION 34 - GUIDANCE AND FEEDBACK ........................................................................ 159

RECOMMENDATION 35 - SANCTIONS .................................................................................................. 160

RECOMMENDATION 36 - INTERNATIONAL INSTRUMENTS .................................................................. 161

RECOMMENDATION 37 - MUTUAL LEGAL ASSISTANCE ..................................................................... 161

RECOMMENDATION 38 - MUTUAL LEGAL ASSISTANCE: FREEZING AND CONFISCATION .................. 163

RECOMMENDATION 39 - EXTRADITION ............................................................................................. 164

RECOMMENDATION 40 - OTHER FORMS OF INTERNATIONAL COOPERATION ..................................... 165

APPENDIX ............................................................................................................................................ 170

1

Acronyms

WMD Weapons of Mass Destruction

LEA Law Enforcement Agency

APBEF Professional Association of Banks and Financial Institutions

API-Mali Agency for the Promotion of Investments

ML Money Laundering

ML/TF Money Laundering and Terrorist Financing

BCEAO Central Bank of West African States

BCN National Central Bureau

BIS Specialized Investigation Brigade

BRVM West African Capital Markets Integration Council

C Compliant

CARPA Legal Regulations for Lawyers

CB Bank Commission

CCS/DFS Financial Systems Control and Monitoring Cell for Decentralized Financial

Systems

CDD Customer Due Diligence

FIU Financial Intelligence Unit

CIMA Inter-African Conference of Insurance Markets CNC-LBC/FT National AML/CFT Coordinating Committee

CCP Code of Criminal Procedure

CRCA Regional Insurance Advisory Commission

CREPMF Regional Council of Public Savings and Capital markets

FIU Financial Intelligence Unit

DCA Insurance Control Directorate

DGAT Directorate General of Territorial Administration

STR Suspicious Transaction Report

CTR Cash Transaction Report

NRA National Risk Assessment

EMI Electronic Money Issuers

DNFPBs Designated Non-Financial Businesses and Professions

EUR Euro

FCFA Franc of African Financial Communities

FICOB Centralized Bank Account Files

TF Terrorist Financing

PF Proliferation Financing

FATF Financial Action Task Force

EIG Economic Interest Groupings

FIs Financial Institutions

NBI Negotiable Bearer Instrument

KYC Know Your Customer

AML/CFT Anti-money laundering and countering the financing of terrorism

LC Largely Compliant

MAECI Ministry of Foreign Affairs and International Cooperation 2

MOU Memorandum of Understanding

MOJ Ministry of Justice

N/A Not Applicable

NC Non-Compliant

NPO Non-Profit Organization

SROs Self-Regulatory Organizations

OCLEI Central Office Against Illicit Enrichment

OCS Central Office Against Narcotics

OECD Organisation for Economic Co-operation and Development OHADA Organization for the Harmonization of Business Law in Africa

WCO World Customs Organization

NGO Non-Governmental Organisation

UN United Nations

OPJ Judicial Police

PC Partially Compliant

PEP Politically Exposed Person

PJS Specialised Judicial Court

MEQ Mutual Evaluation Questionnaire

R. Recommendation

RCCM

UNSCR United Nations Security Council Resolution

MER Mutual Evaluation Report

MVTS Money or Value Transfer Services

IO Immediate Outcome

SA Anonymous Society

SARL Private Company

SCS Limited Joint Venture Company

TFS Targeted Financial sanctions

DFI Decentralized Financial Institutions

SGI Securities management and brokerage companies

SIJ/GN Criminal Investigation Department of the National Gendarmerie

SNEC-UMOA UMOA Credit Rating System

UMOA West African Monetary Union

UEMOA West African Economic and Monetary Union

USD American Dollar

i

EXECUTIVE SUMMARY

1. This document provides a summary of the anti-money laundering (AML) and countering

the financing of terrorism (CFT) measures in place in the Republic of Mali as at the date of the on- site visit (4 to 15 March 2019). It analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Mali's AML/CFT regime. It also provides recommendations on how the regime could be strengthened.

Key Findings

Mali commenced its National ML/TF Risks Assessment in October 2018. The exercise was still in progress during the mutual evaluation on-site visit, nevertheless, an NRA draft report was available at that time. Competent authorities have a moderate understanding of the risks, particularly the TF risks faced by the country. The TF risk in Mali is significant. This has been linked to the presence of terrorist groups in the country and sub-region as well as the occurrence of terrorist attacks in the country. The 2013-2015 AML/CFT strategy has not yet been updated and limited policy and institutional measures have been implemented. The Inter-Ministerial Committee (IMC) is the mechanism for AML/CFT national coordination at the policy level. The IMC has held some meetings to develop AML/CFT policies. However, the committee does not include certain key stakeholders. As regards coordination at the national level, there is room for improvement as law enforcement officers at the operational level appear to work in silos. The intelligence coordination framework on Terrorism appears to be effective in sharing information and intelligence on terrorism, however, the work of this committee may be limited by the non-inclusion of the FIU in the committee to which could ensure that the TF component is fully integrated into its operation. Financial Institutions, including banks and large DFIs, have a good understanding of their AML/CFT obligations. They have put in place due diligence measures tailored to their risks and taken specific due diligence measures for high-risk situations, particularly with regard to PEPs. The banks provide training to their staff and file STRs with the FIU. The other sectors, including money transfer services and foreign exchange dealers, have limited knowledge of AML/CFT, resulting in weak implementation of preventive measures by the sector stakeholders, some of which face high ML/TF risks due to the lack of risk mitigation policies and a high number of cash transactions. The banking and financial regulatory authorities (BCEAO, Banking Commission and the Ministry of Finance), have some understanding of ML/TF risks, which is not the case with the other regulators (insurance and capital market). The supervisory authorities for insurance and capital market impose AML/CFT obligations on its reporting entities, but they have not yet put in place an appropriate methodology and supervisory tools to carry out any risk-based AML/CFT supervision. Off-site AML / CFT supervision within the banking sector and the DFIs are conducted regularly but ii on-site visits are increasingly rare. Sanctions pertain only to prudential breaches and these are limited. There is a lack of capacity of some supervisory authorities and self- regulatory bodies to conduct AML/CFT supervision. Mali is yet to designate an

AML/CFT oversight authority for the DNFBP sector.

Mali has a Financial Intelligence Unit that analyses the STRs it receives from reporting entities and information it collects from competent authorities. However, the information analyzed by the FIU is mainly from banks as other reporting entities do notquotesdbs_dbs27.pdfusesText_33

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