Madagascar : “Mafias” laundered 3.34 Trillion Ar Last Year

Antananarivo , Febroary 9 , 2024 – In Madagascar, there are mafias engaging in money laundering activities, using “black money” to whiten their gains. The Financial Intelligence Service (Samifin), headquartered in Ambohijanaka, Antananarivo, highlighted an increase in the money laundering rate during its annual report. According to the report, mafias operating in Madagascar utilized various means to launder a staggering 3.34 trillion ariary last year. The Samifin’s declaration underscores the persistent challenge of combating illicit financial activities in the country.

Mamitiana Rajaonarison, the Director-General of the Financial Intelligence Service SAMIFIN, has escalated efforts in the crackdown on money laundering. The SAMIFIN (Financial Intelligence Service) is banking on the newly enacted law against money laundering to deter financial offenders.  According to the 2023 report, the total value of illicit financial flows reached 3.34 trillion ariary. Compared to 2022, there is a staggering increase of one trillion ariary. In 2022, the annual report of the Financial Intelligence Service highlighted illicit financial flows of 2.39 trillion ariary, marking a 27% increase from the year 2021.

Mamitiana Rajaonarison stated that there are still entities that have not undergone supervision in 2023. Notable examples of unsupervised entities include casinos, notaries, lawyers, accountants, and precious stone traders. Ten cases forwarded to the Anti-Corruption Units (PAC) resulted in the conviction of fifty-eight individuals and twenty-two corporations. Illicit assets totaling 6,315.9 million ariary  have reportedly been recovered.

The reinforcement of supervision will be facilitated by the implementation of the new law against money laundering and terrorism financing, which came into effect at the beginning of the month. Among the new measures to be implemented this year is the creation of a central registry of beneficial owners.

Tojo Ramiliantarintsoa

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