Tunisia
International Narcotics Control Strategy Report -2003
Released by the Bureau for International Narcotics and Law Enforcement Affairs
March 2004
Volume II: Money Laundering and Financial Crimes
Tunisia is not considered an important regional financial center due in large part to the very strict control exercised by the Central Bank over all aspects of financial transactions and the general nonconvertibility of the Tunisian dinar. There is no discernible money laundering activity reported to be occurring in Tunisia through formal financial institutions.
Although there is no specific anti-money laundering law in Tunisia, Law No. 92-52 (of May 18, 1992) against narcotics trafficking includes provisions that could contribute to combat money laundering. Under Articles 2 and 30 of this law anyone aiding in narcotic operations or transfers of proceeds in connection with these operations, including financial institutions, can be punished. On December 9, 2003 the Tunisian Parliament passed Law No. 94/2003 criminalizing support and financing to individuals, organizations or activities related to terrorism.
The Tunisian penal code allows for the sequestering, confiscating, or seizure of assets and property in certain situations including narcotics trafficking and terrorist activities. The definition of "assets" is quite broad and could cover any number of financial or physical assets. Financial assets are traced by the Central Bank and the Economic Enforcement Agency, each of which has broad powers for investigating and seizing financial assets. Tunisia has no legal provisions for sharing seized criminal assets with other governments.
Financial institutions are required to gather full identifying information for personal and business accounts. In addition, all supporting documentation must be maintained for 10 years. Only certain categories of individuals and businesses are allowed to open foreign currency or convertible dinar accounts and all of these accounts are monitored by the Central Bank. Because there is no law against money laundering in general, there is no obligation for a financial institution to report suspicious activities or provisions for holding bankers responsible if their institution is used for money laundering. However, the prevailing practice is for institutions to verbally report any unusual activity to the Central Bank, who will notify the investigative Economic Enforcement Agency. There are no "secret" or numbered accounts in Tunisia.
Offshore financial institutions are held to the same regulatory standards as onshore institutions. Offshore institutions undergo the same due diligence process as onshore banks and are licensed only after the Central Bank investigates their reference and recommends that the Ministry of Finance approve their application. Tunisian law also makes provisions for "moral integrity" checks of major shareholders, directors, and officers of financial institutions at any time doubts may arise. Anonymous directors are not allowed. Tunisia currently hosts 12 offshore banks, approximately 1,200 offshore companies and approximately 300 offshore trading companies. There are no offshore casinos or Internet gaming sites. Bearer financial instruments or shares are prohibited (Act No. 35 of 2000.)
Although the Tunisian government maintains that there are no alternative fund transfer systems such as hawala since all fund transfers must go through the banks or National Post Office, it is precisely due to these restrictions and currency exchange controls there are underground methods of moving money or transferring value in and out of the country. While a gray market in consumer goods does exist in the country, there is no evidence that this trade is funded by illicit proceeds. Residents are generally prohibited from holding or exporting foreign currency except in certain cases (travel or business needs, etc.) Nonresidents entering Tunisia with foreign currency or other instruments are required to declare the total amount if they wish to re-export a portion (not exceeding 1,000 dinar or approximately $840) or deposit any of the money in a Tunisian bank. Nonresidents do not need to declare currency exports of under 1,000 dinar. In December 2002, the legislature discussed tightening gold import regulations in light of an emerging parallel gold market. Customs may at any time require declarations for gold or securities.
Tunisia is a party to the 1988 UN Drug Convention. It has signed and ratified the UN Convention against Transnational Organized Crime. The Central Bank has adhered to all requests from the UN 1267 Sanctions Committee. To date no terrorist assets have been identified in Tunisia. Tunisia is party to the UN International Convention for the Suppression of Financing of Terrorism. Tunisia has varying bilateral agreements on "criminal matters" with 29 countries and is party to 12 international agreements on counterterrorism.
Tunisia should pass a comprehensive anti-money laundering law that adheres to world standards as the first step in developing a viable anti-money laundering program.
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