Financial Crime World

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CFT Regulatory Requirements in Sudan: A Critical Overview

The Central Bank of Sudan has issued a set of regulations aimed at combating money laundering and financing of terrorism, as outlined in Circular No. (8/2014). This circular sets out the regulatory and supervisory requirements for institutions under its supervision to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

International Standards and Conventions

The regulations are based on international standards, including:

  • The Financial Action Task Force’s (FATF) Recommendations on Combating Money Laundering and the Financing of Terrorism
  • The United Nations Convention Against Transnational Organized Crime
  • UN International Convention for the Suppression of the Financing of Terrorism
  • UN Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances

Guidelines and Reports

The Central Bank of Sudan has also published guidelines on AML/CFT measures and financial inclusion, as well as guidance on a risk-based approach for the banking sector. Furthermore, Sudan has reported its efforts to combat money laundering and financing of terrorism to international organizations.

Implementation Requirements

In order to ensure effective implementation of these regulations, the Central Bank of Sudan requires institutions under its supervision to:

  • Implement robust AML/CFT systems and controls
    • Customer due diligence
    • Ongoing monitoring of transactions
    • Reporting of suspicious transactions
  • Identify and mitigate the risks associated with:
    • Politically exposed persons (PEPs)
    • Other high-risk individuals

Importance of Implementation

The implementation of these regulations is crucial in preventing the misuse of the financial system for money laundering and financing of terrorism. The Central Bank of Sudan’s efforts to combat these threats demonstrate its commitment to maintaining a stable and secure financial environment, which is essential for economic growth and development.

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