Consolidated assessment ratings – Mutual Evaluation & Follow-Up Reports of Albania, Angola, Madagascar, Mexico, Qatar and Seychelles

The FATF has published its latest updates to its Consolidated assessment ratings together with the publications of Mutual Evaluation & Follow-Up Reports of Albania, Angola, Madagascar, Mexico, Qatar and Seychelles on progress in strengthening measures to tackle money laundering and terrorist financing.
The updated Consolidated assessment ratings provide an up-to-date overview of all assessed countries concerning the effectiveness and technical compliance with the FATF Recommendations, using the FATF Methodology together with the FATF 4th Round Procedures. These ratings should be read in conjunction with the detailed Mutual Evaluations. All these documents are available on the FATF website.
The current characteristics on both the effectiveness of AML/CFT systems, as well as technical compliance with the FATF Recommendations of Albania, Angola, Madagascar, Mexico, Qatar and Seychelles are the following:
#### Effectiveness Ratings
Note: Effectiveness ratings can be either a High-HE, Substantial-SE, Moderate-ME, or Low-LE, level of effectiveness.
| Jurisdiction | Report Type | Report Date | Assessment body/bodies | IO1 | IO2 | IO3 | IO4 | IO5 | IO6 | IO7 | IO8 | IO9 | IO10 | IO11 |
| ——————————————————————————————————————– | —————— | —————— | ————————– | ——- | ——- | ——- | ——- | ——- | ——- | ——- | ——- | ——- | ——– | ——– |
| Albania | FUR | May/23 | MONEYVAL | ME | ME | ME | SE | ME | SE | ME | ME | LE | ME | LE |
| Angola | MER | Jun/23 | ESAAMLG | LE | LE | LE | LE | LE | ME | LE | ME | ME | LE | LE |
| Fiji | FUR | May/23 | APG | ME | ME | ME | ME | LE | ME | ME | LE | LE | LE | LE |
| Madagascar | FUR | May/23 | ESAAMLG/WB | LE | LE | LE | LE | LE | ME | LE | LE | LE | LE | LE |
| Mexico | FUR | May/23 | GAFILAT | SE | SE | ME | LE | ME | ME | LE | LE | ME | SE | SE |
| Qatar | MER | May/23 | FATF/MENAFATF | SE | ME | SE | ME | ME | ME | ME | SE | LE | SE | ME |
| Seychelles | FUR | May/23 | ESAAMLG | LE | LE | LE | ME | LE | LE | LE | LE | LE | LE | LE |
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#### Technical Compliance Ratings
Note: Technical compliance ratings can be either a C-compliant, LC-largely compliant, PC-partially compliant or NC-non compliant. Changes are highlighed in bold & italic, representing either up- or downgrades compared to the last report date, as summarized at the right end of the table.
| Jurisdiction | Report Type | Report Date | Assessment body/bodies | R.1 | R.2 | R.3 | R.4 | R.5 | R.6 | R.7 | R.8 | R.9 | R.10 | R.11 | R.12 | R.13 | R.14 | R.15 | R.16 | R.17 | R.18 | R.19 | R.20 | R.21 | R.22 | R.23 | R.24 | R.25 | R.26 | R.27 | R.28 | R.29 | R.30 | R.31 | R.32 | R.33 | R.34 | R.35 | R.36 | R.37 | R.38 | R.39 | R.40 | #upgrades | #downgrades |
| ——————————————————————————————————————– | —————— | —————— | ————————– | ——- | ——- | ——- | ——- | ——– | ——- | ——- | ——- | ——- | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ——– | ————- | ————— |
| Albania | FUR | May/23 | MONEYVAL | LC | LC | LC | LC | LC | C | PC | LC | LC | LC | LC | LC | LC | C | PC | LC | N/A | LC | C | LC | C | LC | LC | PC | LC | PC | LC | LC | LC | C | LC | LC | LC | LC | LC | LC | LC | PC | LC | LC | 2 | |
| Angola | MER | Jun/23 | ESAAMLG | LC | PC | PC | LC | PC | PC | PC | NC | LC | LC | C | C | LC | C | PC | PC | LC | LC | C | PC | LC | PC | PC | NC | NC | C | C | LC | LC | LC | LC | LC | PC | C | PC | PC | PC | LC | LC | LC | | |
| Fiji | FUR | May/23 | APG | LC | LC | LC | C | C | PC | PC | PC | C | LC | C | C | C | C | PC | LC | LC | LC | C | LC | LC | LC | LC | PC | PC | LC | LC | LC | C | C | LC | LC | C | LC | LC | LC | LC | C | C | LC | 1 | 1 |
| Madagascar | FUR | May/23 | ESAAMLG/WB | C | PC | LC | LC | PC | NC | NC | PC | C | PC | PC | PC | C | PC | NC | PC | PC | LC | LC | LC | C | NC | NC | PC | NC | PC | LC | NC | LC | C | C | LC | PC | PC | NC | PC | LC | LC | LC | PC | 7 | |
| Mexico | FUR | May/23 | GAFILAT | LC | LC | C | LC | LC | C | C | LC | C | LC | LC | C | LC | LC | LC | C | C | LC | LC | PC | LC | PC | NC | LC | LC | LC | LC | PC | C | LC | LC | PC | PC | LC | LC | LC | C | C | LC | LC | 2 | |
| Qatar | MER | May/23 | FATF/MENAFATF | LC | C | C | C | C | LC | LC | LC | C | C | C | C | C | C | LC | LC | C | C | C | C | C | C | C | LC | LC | C | C | C | C | C | C | C | C | C | C | C | C | C | C | C | | |
| Seychelles | FUR | May/23 | ESAAMLG | C | LC | LC | PC | LC | PC | PC | NC | C | LC | C | LC | C | C | NC | LC | LC | C | C | C | C | LC | LC | LC | LC | LC | LC | LC | LC | C | C | LC | PC | LC | LC | C | LC | LC | LC | LC | 5 | |
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#### Albania’s 4th Enhanced Follow-up Report on Anti-money laundering and counter-terrorist financing measures, May 2023
Albania has demonstrated advancements in rectifying the technical compliance shortcomings highlighted in the MER and subsequent FURs.
Consequently, Albania has received improved ratings for two Recommendations:
– Recommendation 25 on Transparency and beneficial ownership of legal arrangements has been elevated from Partially Compliant to Largely Compliant.
– Recommendation 28 on Regulation and supervision of DNFBPs has been elevated from Partially Compliant to Largely Compliant.
Despite these upgrades, Albania will maintain its enhanced follow-up status and will continue to provide updates to MONEYVAL regarding the progress made in enhancing the implementation of its AML/CFT measures.
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#### Angolas’s Mutual Evaluation Report on Anti-money laundering and counter-terrorist financing measures, June 2023
The Mutual Evaluation Report provides an assessment of Angola’s compliance with the FATF 40 Recommendations on AML/CFT measures. The report highlights that financial sector supervisors have conducted outreach to financial institutions, but not to DNFBPs. There are no regulatory frameworks for virtual assets and VASPs, and as such, they are not supervised for AML/CFT compliance.
The report recommends that financial supervisors should improve their understanding of terrorism financing risks by conducting granular risk assessments on inherent risk assessments focusing on clients, products/services, delivery channels, and geographical risks. Financial institutions should develop and implement mechanisms to demonstrate change in compliance behavior by entities. Hence, Angola should regulate and apply AML/CFT measures on VASPs.
The report also assesses Angola’s compliance with specific FATF Recommendations, such as assessing risks and applying a risk-based approach, record-keeping, and implementing programs to prevent money laundering, terrorist financing, and proliferation financing. The report concludes that Angola is largely compliant with Recommendation 10, which requires FIs to identify and verify customers, but there are minor deficiencies noted. Angola is rated largely compliant with Recommendation 11, which requires FIs to keep records beyond the statutory period upon request by a competent authority.
No re-ratings were made.
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#### Fiji’s 6th Follow-Up Mutual Evaluation Report, May 2023
Fiji has achieved significant advancements in rectifying the technical compliance shortcomings that were highlighted in its 2016 Mutual Evaluation. Notably, the country has undergone re-assessment for two specific recommendations:
– Recommendation 15 on New technologies, which underwent modifications subsequent to Fiji’s Mutual Evaluation, has been downgraded Partially Compliant.
– Recommendation 39 on Extradition, which was initially assessed as Partially Compliant, has now been upgraded to a Compliant rating.
Furthermore, Fiji currently possesses a total of 34 recommendations rated as Compliant or Partially Compliant. Consequently, the country remains under the jurisdiction of enhanced follow-up measures.
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#### Madagascar’s 9th Enhanced Follow Up Report and Technical Compliance Re-Rating, March 2023 (published in June 2023)
Madagascar has made significant strides in addressing the deficiencies in technical compliance that were identified in its 2018 Mutual Evaluation Report.
There have been improvements in seven key recommendations:
– Recommendation 1 on Assessing Risks and Applying a Risk-Based Approach has now been upgraded to Compliant.
– Recommendation 10 on Customer due diligence has been upgraded to Partially Compliant.
– Recommendation 13 on Correspondent banking has now been upgraded to Compliant.
– Recommendation 16 on Wire transfers has been upgraded to Partially Compliant.
– Recommendation 19 Higher-risk countries has been upgraded to Largely Compliant.
– Recommendation 32 on Cash couriers has been upgraded to Largely Compliant.
– Recommendation 34 on Guidance and feedback has been upgraded to Partially Compliant.
Despite these improvements, Madagascar will continue to be subject to enhanced follow-up measures.
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#### Mexico’s Follow-up Report & Technical Compliance Re-Rating (May 2023)
Mexico has made significant advancements in addressing the majority of the technical compliance deficiencies that were highlighted in its 2016 Mutual Evaluation Report. Notably, there have been noteworthy developments concerning two recommendations:
– Recommendation 18 on Internal controls and foreign branches and subsidiaries has experienced an upgrade, transitioning from a state of Partial Compliance to a state of Significant Compliance.
– Recommendation 24 on Transparency and beneficial ownership of legal persons has also witnessed an improvement, progressing from Partial Compliance to Significant Compliance.
Out of the total 40 recommendations, Mexico currently demonstrates the following ratings:
– Compliant: 10 recommendations.
– Largely Compliant: 24 recommendations.
– Partially Compliant: 5 recommendations.
– Non-Compliant: 1 recommendation.
Mexico is expected to furnish a comprehensive report to the FATF, highlighting the progress achieved in enhancing the implementation of its anti-money laundering and counter-terrorism financing measures.
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#### Qatar’s Mutual Evaluation Report, May 2023
Qatar has shown strong compliance with FATF requirements in combating money laundering and terrorism financing. However, there is a need for major improvements in Qatar’s criminal justice response to terrorist financing. Qatar understands its money laundering and terrorist financing risks but should enhance its understanding of more complex forms. The country has implemented a risk-based approach in assessing these risks but needs to improve supervision in the non-financial sector.
Qatar’s financial intelligence unit is well-equipped but should utilize its sophisticated analysis capabilities more effectively. Investigations and prosecutions related to money laundering and terrorist financing need improvement, as well as addressing inconsistencies in the prosecution of terrorist financing activity. Qatar has a robust framework for implementing targeted financial sanctions but should focus more on proliferation financing sanctions.
No re-ratings were made.
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#### Seychelles‘ 8th Enhanced Follow-up Report & 3rd Technical Compliance Re-Rating, March 2023 (published in June 2023)
Seychelles has made significant strides in addressing several technical compliance shortcomings that were highlighted in its 2018 Mutual Evaluation.
Five recommendations have undergone re-rating:
– Recommendation 19 on Higher-risk countries has been elevated from being Partially Compliant to achieving Compliance.
– Recommendation 5 on Terrorist financing offence, Recommendation 25 on Transparency and beneficial ownership of legal arrangements, Recommendation 28 on Regulation and supervision of DNFBPs, and Recommendation 34 on Guidance and feedback have been upgraded from being Partially Compliant to reaching a state of being Largely Compliant.
As a result, Seychelles will continue to be subjected to enhanced follow-up measures.