Madagascar has made little progress in addressing the technical compliance deficiencies identified in its 2018 MER.
While the steps taken to address the deficiencies identified under
have been noted the information currently provided does not indicate that the country has made sufficient progress to warrant re-rating.
On this basis, it was agreed that ratings for R.5, R.12, R.13, R. 14 and 32, should remain as PC.
According to the follow-up process, Madagascar will continue to report back to the ESAAMLG on its progress to strengthen its implementation of AML/CFT measures.