A study on financial crimes carried out by a Swiss organization ranked Madagascar in the top 5 countries where the risk of money laundering and terrorist financing is the highest acute;.

The 2022 annual report of the Basel Governance Institute mentions that Madagascar is ranked among the countries where the risk of money laundering and terrorist financing is high . According to the organization in charge of the study, the Big Island ranked 5th among the 128 countries assessed where dirty money is most likely to be leached out. Madagascar, for its part, is in the “orange zone” of the “high risk” ranking and is in the same boat as Myanmar and Mozambique, which are ranked third and fourth respectively.

18 different indicators were chosen by this Swiss NGO during its study. These include the Financial Action Task Force (FATF) mutual evaluation reports (REM), which provide a comprehensive assessment of a country's legal framework and its implementation of anti-money laundering and terrorist financing measures. The published assessment was based on compliance with the 40 FATF recommendations and the 11 key efficiency objectives, or immediate outcomes, according to the Basel Governance Institute.