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

Dakar, Senegal - The Government of Senegal has made significant progress in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, according to a report by the Financial Action Task Force (FATF).

Strengthening AML/CFT Framework

The report highlights that Senegal has implemented several measures to improve its AML/CFT regime, including the adoption of AML/CFT Law 2018-03 and Decree No. 2019-1500 on the supervision and monitoring of designated non-financial businesses and professions (DNFBPs). These laws have enabled Senegal to:

• Designate supervisory authorities
• Define their powers
• Establish mechanisms for supervision and monitoring

Remaining Deficiencies

However, despite these efforts, some moderate deficiencies remain outstanding. For example:

• There is a lack of measures to prevent criminals or their accomplices from becoming the beneficial owners of significant ownership or control in casinos and other DNFBPs.
• There is no obligation for supervisory and self-regulatory authorities to exercise risk-based supervision.

Progress Made

According to the report, Senegal has made progress in addressing these deficiencies, particularly with regards to Recommendation 31. The adoption of AML/CFT Law 2018-03 has enabled Senegal to address the deficiency related to the lack of explicit provision allowing for the deferral of arrests and seizures.

Senegal has also made progress on Recommendation 21, which was previously revised to clarify information sharing requirements for suspicious transactions within financial groups. The country’s adoption of Law No. 2018-03 has enabled it to meet the new requirements of the revised Criterion 21.2.

Ratings Update

Overall, Senegal has been re-rated from Non-Compliant (NC) to Partially Compliant (PC) on Recommendations 7, 25, and 28, and from Partially Compliant (PC) to Largely Compliant (LC) on Recommendations 17, 18, and 31.

Technical Compliance

Senegal’s technical compliance with the FATF Recommendations has been re-evaluated as follows:

Enhanced Follow-Up

Senegal will remain under enhanced follow-up and will continue to report to the West African Financial Action Task Force (GIABA) on its progress in implementing AML/CFT measures. The country will submit its third Enhanced Follow-Up Report to the Plenary in November 2022.

Conclusion

The report concludes that Senegal’s progress demonstrates a commitment to strengthening its AML/CFT regime and enhancing cooperation with international partners. However, continued efforts are needed to address outstanding deficiencies and ensure full compliance with FATF standards.