Mali Country Summary

FATF Status

Mali is on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 21 February 2025

In October 2021, Mali made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime. At its February 2025 plenary, the FATF made the initial determination that Mali has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.

Mali has made key reforms by: (1) disseminating the results of the NRA to all relevant stakeholders including by conducting awareness raising activities with the highest risk sectors; (2) developing a risk based approach for the AML/CFT supervision of all FIs and higher risk DNFBPs and demonstrating effective, proportionate and dissuasive sanctions for noncompliance; (3) conducting a comprehensive assessment of ML/TF risks associated with all types of legal persons; (4) increasing the capacity of the FIU and the LEAs and enhancing their cooperation on the use of financial intelligence; (5) ensuring relevant competent authorities are involved in investigation and prosecution of ML; (6) strengthening the capacities of relevant authorities responsible for investigation and prosecution of TF cases; (7) establishing a legal framework and procedures to implement targeted financial sanctions; and (8) implementing a risk-based approach for supervision of the NPO sector to prevent abuse for TF purposes.

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Mali was undertaken in 2023. According to that Evaluation, Mali was deemed Compliant for 6 and Largely Compliant for 20 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Corruption is identified as a major barrier to foreign investment and economic growth in Mali, with frequent reports of bribery in government contracts and procedures. Despite some governmental efforts to combat corruption, including the establishment of specialized courts and the Office of the Auditor General, the judicial system remains plagued by inefficiency and political interference. Recent initiatives, such as a national strategy to fight corruption and the introduction of a standardized invoicing system, aim to enhance transparency and accountability, but challenges persist due to entrenched corruption and inadequate enforcement.

Mali's economy faces significant challenges, including political instability, corruption, and poor infrastructure, which hinder private U.S. investment. The country relies heavily on bilateral and multilateral financial support for development projects, while recent sanctions and the impact of the Russian invasion of Ukraine have exacerbated economic difficulties, leading to increased inflation and slowed growth. Despite these obstacles, Mali's GDP growth is projected to reach 5 percent in 2023, with a favorable view of U.S. products among local businesses.

Mali's investment climate is hindered by significant challenges such as political instability, corruption, and poor infrastructure, which deter foreign investment despite the government's efforts to promote direct investment. The transition government has implemented policies to improve the business environment, but foreign investors often face unfair practices, including corruption in tax collection and customs. While there are opportunities for investment, particularly in sectors like infrastructure and agriculture, the overall appeal is clouded by the fragile security situation and ongoing sociopolitical uncertainties.