Senegal Makes Progress in Addressing Anti-Money Laundering Compliance Deficiencies

GIABA Reassesses Senegal’s AML and CFT Measures

In a recent review, the West African Commission on Money Laundering (GIABA) has commended Senegal for making significant progress in addressing technical compliance deficiencies identified earlier. The country has upgraded its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, resulting in improved ratings.

Key Upgrades

• Recommendation 6: Upgraded from Non-Compliant to Partially Compliant
• Recommendations 1, 24, 36, and 38: Moved from Partially Compliant to Largely Compliant status
• Recommendation 4: Jumped from Partially Compliant to fully Compliant

Additional Progress

Senegal has also taken concrete steps to comply with the new requirements of Recommendation 2, leading to its reassessment from Largely Compliant to fully Compliant.

Future Follow-up and Reporting Requirements

Although Senegal’s efforts have been praised by GIABA, the country will still be subject to enhanced follow-up and will continue to report on its progress in implementing AML/CFT measures. This demonstrates GIABA’s commitment to ensuring that countries maintain high standards of anti-money laundering and combating the financing of terrorism compliance.