Summary:

Recently, the Basel Anti-Money Laundering (AML) Index was released, ranking Tunisia 109th out of 152 countries ranked in terms of risk of exposure to money-laundering and terrorist financing. 

This ranking follows a recent announcement by the Central Bank of Tunisia (BCT) that financial institutions should provide a consolidated report for 2022 in order to move toward adoption of the accepted international financial reporting standards. 

The index measures five areas in an effort to compile a holistic picture of a specific country’s money laundering and terrorist financing risk. The index measures the existing AML/Countering Financing of Terrorism (CFT)  Framework, Corruption and Bribery, Financial Transparency and Standards, Public Transparency and Accountability, and Political Rights and the Rule of Law. 

Tunisia received a score of 4.59, placing it on par with countries such as Malta, Moldova, Liechtenstein, and Italy. Among those countries most exposed to money laundering and terrorist financing risk were Haiti (1), Chad (2), and Myanmar (3). Among those least exposed were Estonia (150), Finland (151), and Iceland (152). 

Tunisia improved both its score and its ranking from 2022, with the score falling to 4.59 in 2023 from 4.89 in 2022. Meanwhile, the ranking improved from 77th most exposed to AML and CFT to 109th. 

The index was released by the Basel Institute of Governance, a non-profit organization working to strengthen governance and counter corruption globally. 

Outlook: 

A critical step toward Tunisia’s modernization and economic sustainability will be a maturing financial system that simultaneously allows access to the international financial system while limiting vulnerability to corruption, money laundering, and terrorist financing. 

The recent index ranking provides a positive indication that Tunisia’s financial system is developing toward greater stability and reliability, primarily through efforts to adopt a transparent and accountable reporting system for financial institutions. 

Such efforts will position Tunisia for growth and investment in the future. 

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