Financial Crime World

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Senegal Makes Progress in Anti-Money Laundering Laws, Enhances Compliance Rating

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Senegal has made significant strides in addressing technical compliance deficiencies identified by international experts. As a result, several recommendations have been re-rated, reflecting the country’s improved performance in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Notable Improvements

  • Recommendation 6: Previously classified as Non-Compliant, this recommendation has been upgraded to Partially Compliant, demonstrating Senegal’s enhanced efforts in this area.
  • Recommendations 1, 24, 36, and 38: These recommendations have transitioned from Partially Compliant to Largely Compliant, indicating a significant improvement in the country’s compliance with AML/CFT regulations.

Full Compliance

  • Recommendation 4: Senegal has taken concrete measures to meet new requirements, achieving full compliance. This development is particularly noteworthy, as it reflects the country’s commitment to strengthening its financial regulatory framework.

Further Progress

  • Recommendation 2: This recommendation has been re-rated from Largely Compliant to Compliant, further underscoring Senegal’s progress in implementing AML/CFT measures.

Ongoing Efforts

While Senegal still remains under enhanced follow-up, the country will continue to provide regular updates to the West African Financial Action Task Force (GIABA) on its ongoing efforts to strengthen its AML/CFT regime. This development is a testament to the country’s dedication to combating financial crimes and maintaining a robust financial system.

Overall, Senegal’s progress in addressing technical compliance deficiencies is a significant step forward in strengthening its anti-money laundering and combating the financing of terrorism measures.