National Assembly adopted the draft Law No. 022/2023 of October 4, 2023

On December 13, 2023, the National Assembly adopted draft Law No. 022/2023 of October 4, 2023 amending and supplementing certain provisions of Law No. 2018-043 of February 13, 2019 on the fight against money laundering and the financing of terrorism.

The Malagasy Government presented this bill in order to comply the main FATF (Financial Action Task Force) recommendations . The provisions cover aspects such as redefinition, introduction of new incriminations, strengthening government accountability in the fight against money laundering and terrorist financing, among others.

From a legal perspective, the objective of this initiative is to comply with FATF standards, in order to avoid the inclusion of Madagascar on the “gray list” and to respect the requirements of international law. On a political level, the adoption of this bill demonstrates the Government's commitment to combating money laundering and the financing of terrorist activities. From an economic point of view, the initiative aims to strengthen the reputation of Madagascar, thus facilitating access to funding.

It should be noted that during the debates, the present deputies highlighted the delay in the submission of this bill to the National Assembly during the debates.