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.
Download DocumentPosted: 29, May 23
This Follow up Report (FUR) sets out Madagascar's progress in strengthening anti-money laundering and counter terrorist financing measures. Madagascar has been in an enhanced follow-up process following the adoption of its Mutual Evaluation Report in September 2018. In line with the ESAAMLG’s Second Round Procedures for Mutual Evaluations and Follow up Process, the country has reported back to the ESAAMLG on the action it has taken. Since its 2018 mutual evaluation, Madagascar has made little progress in addressing the technical compliance deficiencies identified in its MER despite the country has enacted a new AML/CFT Law. While the steps taken to address the deficiencies identified under R. 5, 12, 13, 14 and 32 (which all were initially rated PC) have been noted, the information currently provided does not indicate that the country has made sufficient progress to warrant re-rating. On this basis, it was agreed that ratings for R.5, R.12, R.13, R. 14 and 32, should remain as PC. Madagascar is now compliant on 5 of the 40 Recommendations and largely compliant on 9 of them. It remains non-compliant on 13 Recommendations and partially compliant on 13 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.
Download DocumentPosted: 22, Jan 21
The World Bank has completed its assessment of Madagascar’s anti-money laundering and counter-terrorist and proliferation financing (AML/CFT) system. The Mutual Evaluation Report of Madagascar sets out how well Madagascar has implemented the technical requirements of the FATF Recommendations and how effective its AML/CFT system is. The report presents the key findings of the assessment team and the priority actions for Madagascar to improve its AML/CFT system.
Download DocumentPosted: 20, Sep 18
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