Mauritania -- Travel Rule Implementation Regulatory Overview

Mauritania has taken a prohibitive stance on virtual assets, which means the FATF Travel Rule, designed for regulated Virtual Asset Service Providers (VASPs), has not been implemented in the country. Instead, the Central Bank of Mauritania has explicitly banned transactions involving virtual assets.

Here's a breakdown:

• Whether Adopted: No, the FATF Travel Rule has not been adopted or implemented in Mauritania. Instead, the country has opted for a prohibition of virtual asset transactions.

• Effective Date: The prohibition on virtual asset transactions was communicated by the Banque Centrale de Mauritanie (BCM) on February 16, 2022. This communiqué effectively put in place the ban.

• Threshold Amounts: Not applicable. Since virtual asset transactions are prohibited, there are no regulated thresholds for the Travel Rule to apply to.

• Which VASPs are Covered: Not applicable. No VASPs are permitted to operate legally in Mauritania. Any entity attempting to offer virtual asset services would be doing so illegally.

• Technical Implementation Requirements: Not applicable. As virtual asset transactions are prohibited and no VASPs are licensed, there are no technical implementation requirements for the Travel Rule.

• Penalties for Non-Compliance: The BCM communiqué of February 16, 2022, explicitly states that "any natural or legal person who carries out transactions in virtual currencies exposes themselves to the sanctions provided for by the laws in force" (translation from French). While the communiqué itself does not detail specific penalties, it indicates that individuals or entities engaging in prohibited virtual asset activities would be subject to existing Mauritanian laws. These could include:

  • Financial Penalties: Fines under existing financial regulations.
  • Asset Seizure/Forfeiture: Assets used in or derived from illegal virtual asset activities could be subject to seizure.
  • Criminal Charges: Depending on the nature and scale of the activity, especially if linked to money laundering, terrorist financing, or other illicit activities, individuals could face imprisonment under Mauritanian criminal code and AML/CFT laws.

Reference Specific Legislation or Guidance:

The primary source for Mauritania's stance on virtual assets is the official communication from its central bank:

• Communiqué de la Banque Centrale de Mauritanie sur les Monnaies Virtuelles (Cryptomonnaies)
  • Date: 16 Février 2022
  • Source: Banque Centrale de Mauritanie (BCM) official publications.
  • Summary: This communiqué informs the public that transactions using virtual currencies (cryptocurrencies) are not authorized, and no entity in Mauritania is authorized to carry out transactions with these currencies. It warns that anyone engaging in such transactions is subject to existing legal sanctions.

While a direct, stable URL to specific communiqués on central bank websites can sometimes be difficult to maintain over time, this communiqué is widely referenced in discussions regarding Mauritania's crypto policy. You would typically find it in the "Communications," "Press Releases," or "Publications" section of the BCM website for the year 2022.

In conclusion, Mauritania has effectively banned virtual asset transactions, meaning the FATF Travel Rule is not applicable and not implemented in the country.