Stricter Regulations on the Horizon for Tunisian Expatriate Remittances
Remittances from Tunisians living abroad (TRE), which amount to nearly 9 billion dinars (approximately $3 billion) annually, may be subject to stricter compliance rules in the coming years. This is due to the gradual implementation of a new European Anti-Money Laundering Authority (AMLA), which is expected to come into effect starting from 2025.
These remittances are a major source of foreign currency for Tunisia, on par with tourism revenue and exceeding that of certain export sectors. They help strengthen the country's foreign exchange reserves and directly support domestic consumption, as many families rely on financial support from relatives living in Europe.
According to data from the Central Bank of Tunisia, the diaspora community contributes consistently and regularly to the country's financial balances. As such, any changes to transfer conditions are closely monitored by Tunisian authorities.
The EU Strengthens its Fight Against Money Laundering
The legislative package adopted by the European Union in June 2024 provides for the creation of AMLA, based in Frankfurt, which will have over 400 employees. The goal is to harmonize the fight against money laundering and terrorist financing within the EU-27 by directly supervising high-risk financial institutions and imposing common rules on the entire banking sector, including foreign bank subsidiaries operating in the EU.
The new authority will begin its activities in 2025, but its direct supervision of the largest financial entities will not be fully effective until 2028. It will have the power to impose financial sanctions and require enhanced compliance measures.
Compliance Costs Expected to Rise
Although no provision specifically mentions restricting transfers to Tunisia, observers believe that the new rules could increase the cost of banking operations. The requirement for stricter controls, know-your-customer (KYC) procedures, and detailed reporting could ultimately be passed on to customers, including members of the Tunisian diaspora who regularly send remittances to their country of origin.
For now, transfers remain secure and accessible, but the prospect of stricter European regulations is already raising questions in Tunisia, where this financial windfall remains essential to economic stability.
