The Committee for the Safeguarding of Integrity (CSI), an independent body in the fight against corruption in Madagascar, is sounding the alarm. If nothing changes by September, the country will switch to the list of countries at risk from Gafi, the intergovernmental body for the fight against money laundering and the financing of terrorism. This inscription would be worth to the Big Island heavy financial sanctions, but also constraints which will impact on the Malagasy, whatever their social level.
With our correspondent in Antananarivo, Sarah Tetaud
Since 2018, Madagascar has been under increased scrutiny by FATF assessors. The country is indeed at the gates of this famous “grey list”. A listing of states whose jurisdictions are considered risky for the international financial system.
Sahondra Rabenarivo, the president of the CSI, warns: “ To be on the gray list is to send a signal that Madagascar does not have a system for combating money laundering and the financing of terrorism. So that means that we are a country at risk and as soon as there is a financial transaction of any kind to Madagascar or from Madagascar, it will raise additional controls. We currently underestimate the ease of sending and receiving money from outside in this globalized world. Any banking transaction will be slowed down. »
Revise the anti-money laundering law…
The banked elite will not be the only ones to be impacted. According to Sahondra Rabenarivo, the entire population will suffer from these new, more restrictive and more expensive rules. “ Whatever the financial transaction, its price will increase. For example, the importation of goods and services that the Malagasy of the bush buys, such as PPN (basic necessities) or any construction material, will cost more. Because the additional controls, of invoices for example, have a cost. There will therefore be costs, delays and additional difficulties. Similarly, if you have your child studying in France and you send him money to pay his rent, the banks may ask you about the source of the money and ask you for supporting documents.. »
All is ” still playable “says the CSI. Only, we must act quickly. Make the illicit asset recovery agency operational, revise the anti-money laundering law, set up interministerial action groups. ” Maurice was placed on a gray list; they took two long years to get out », Recalls, as a warning, the CSI.
For his part, the President of the Republic, Andry Rajoelina, back Monday, April 25 from Washington, was pleased to be eligible for the Millennium Challenge Corporation (MCC), this American aid agency which awards grants to States wishing reduce poverty in their territory. Information quickly denied by several observers, starting with the CSI. ” We are not yet eligible for the MCC. Still need to improve on anti-corruption issues by quarterly board meeting. » The FATF ratings will obviously be taken into account in the MCC award criteria.