A Warning Without Consequences… for Now
A technical mission from the Financial Action Task Force (FATF) recently conducted a discreet visit to Tunis to evaluate Tunisia’s mechanisms for combating money laundering and the financing of terrorism, according to the news site Le Courrier de l’Atlas.
The mission, carried out in cooperation with the Central Bank of Tunisia (BCT) and the Tunisian Financial Analysis Committee (CTAF), concluded at the end of May with concerning findings — raising fears that Tunisia could return to the grey list.
A Past Tunisia Hoped Was Behind It
The memory is still fresh. In 2019, Tunisia was on the European Union’s blacklist due to inadequate oversight in fighting terrorism financing. A year later, following intense diplomatic efforts, the country was removed from the FATF grey list in October 2019 and from the EU blacklist in May 2020.
These advances coincided with a change in power in Tunis, sparking hopes of a lasting improvement in the country’s financial reputation.
A Discreet Visit, Worrying Conclusions
Five years later, that optimistic climate seems to be fading. According to sources close to the matter cited by Le Courrier de l’Atlas, FATF experts raised “serious concerns” over several key areas: the effectiveness of the register of beneficial owners, supervision of non-financial professions (lawyers, notaries, accountants…), delays in implementing targeted UN sanctions, and the still-limited access to financial information.
Another alarming signal: the closing meeting ended without a joint statement — a rare occurrence in diplomatic practice. The head of the mission reportedly warned that unless corrective actions are taken by summer, Tunisia risks being placed once again on the “list of jurisdictions under increased monitoring” during the next evaluation scheduled for 2026.
Mounting Pressure
The same source reports that the technical report sent to Tunisian authorities emphasized that Tunisia will also undergo a new evaluation by the Middle East and North Africa Financial Action Task Force (MENAFATF), with a full mission expected between November 2026 and February 2027.
Although Tunisia is not officially back on the grey list, FATF insists that “sustainable” progress is required, or reclassification may be considered. Meanwhile, the CTAF issued an informational note urging financial actors to strengthen their Know Your Customer (KYC) obligations — a sign that the warning is being taken seriously internally, the same source adds.
A Pivotal Second Half of the Year
The risk of returning to the grey list is not immediate, but it is very real. The second half of 2025 will be crucial to avoid a further blow to the country’s financial credibility, especially amid an already fragile economy and declining growth prospects. Tunis can no longer afford any missteps.
