Regulatory Alerts2024-07-20
Second Round Mutual Evaluation Report of Rwanda – July 2024
The Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) issued this July 2024 Mutual Evaluation Report to assess the Republic of Rwanda’s compliance with FATF standards and the effectiveness of its anti-money laundering and counter-terrorist financing regime. The assessment highlights Rwanda’s improved legislative and institutional frameworks, an operational Financial Intelligence Unit, and a clear understanding of money laundering risks from tax evasion and embezzlement, while noting limited terrorist financing risk awareness and negligible reporting from non-bank financial institutions. To address these gaps, the report recommends that Rwandan authorities enhance law enforcement utilization of financial intelligence, expand confiscation practices, and fully implement the March 2023 national AML/CFT policy to strengthen overall system effectiveness.