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Senegal Makes Progress in Addressing Anti-Money Laundering and Combating the Financing of Terrorism Deficiencies

Dakar, Senegal - The Financial Action Task Force (FATF) has re-evaluated Senegal’s technical compliance with its anti-money laundering (AML) and combating the financing of terrorism (CFT) recommendations. According to a recent report, Senegal has made significant progress in addressing deficiencies identified in its Mutual Evaluation Report (MER).

Progress on Recommendations

Senegal has made progress in addressing deficiencies in several areas:

• Recommendation 7: Initially rated Non-Compliant (NC), but now re-rated as Partially Compliant (PC) due to the adoption of new laws and regulations.
• Recommendation 25: Initially rated NC, but now rated PC after making progress in its DNFBPs AML/CFT supervision framework.
• Recommendation 28: Initially rated NC, but now rated PC after adopting new laws to address deficiencies related to DNFBPs.

Outstanding Deficiencies

Despite the progress made, some moderate deficiencies remain outstanding:

• Lack of measures to prevent criminals or their accomplices from becoming beneficial owners of significant ownership or control in casinos and other DNFBPs.
• Lack of obligation for supervisory and self-regulatory authorities to exercise risk-based supervision.
• Lack of supervision based on ML/TF risk profile of DNFBPs.

Recommendation 31

Senegal was initially rated Partially Compliant (PC), but has now been re-rated as Compliant (C) after adopting AML/CFT Law 2018-03, which enabled it to address deficiencies related to the deferment of arrests and seizures.

Conclusion

Overall, Senegal has made significant progress in addressing technical compliance deficiencies identified in its MER. The country has implemented new laws and regulations to improve its AML/CFT framework and has been re-rated on several recommendations. However, some moderate deficiencies remain outstanding and require further attention.

Senegal will continue to report to the Groupe Intergouvernemental d’Action contre le Blanchiment des Capitaux (GIABA) on its progress in implementing AML/CFT measures. The country’s third Enhanced Follow-up Report is due to be submitted in November 2022.

Technical Compliance Rating

The FATF has re-evaluated Senegal’s technical compliance with its recommendations, and the following table summarizes the ratings:

Senegal will remain under enhanced follow-up and continue to report to GIABA on its progress in implementing AML/CFT measures.