The Financial Intelligence Department (Samifin) has launched last Monday, February 9, a simulated evaluation exercise with support technical support from the European Union and SecFin Africa? in order to test his real efficiency, beyond regulatory texts alone.

Madagascar takes a new step forward in strengthening its anti-money laundering and anti-money laundering system financing of terrorism. The objective of the Samifin evaluation is to test, in almost real conditions, the capacity of national institutions to detect, analyze and deal with suspicious financial flows. This approach aims to measure not only the conformity of the texts, but above all the effectiveness operational mechanisms for control and interinstitutional cooperation and legal proceedings.

This work aims to identify shortcomings, strengthen operational capacities and prepare the country to respond to Eastern and Southern Africa Anti-Money Laundering Group requirements (ESAAMLG) and the recommendations of the Financial Action Task Force (FATF), considered as a strategic lever for maintaining relationships international financial institutions and improve the economic attractiveness of Madagascar.

For Madagascar, the challenge is therefore strategic. The national financial system, including commercial banks, microfinance institutions, insurance companies and mobile players money, must demonstrate its ability to apply vigilance obligations, to report suspicious transactions and to cooperate with the authorities.

The simulated evaluation will identify potential weaknesses: lack of coordination, lack of resources specialized human resources, delays in processing files or weakness of judicial convictions. The findings will serve as a road map for correct the shortcomings before the official review scheduled for next July.