Financial Crime World

Combating Money Laundering and Terrorist Financing in Senegal

Introduction

This report details the activities and progress of the Financial Intelligence Unit (FIU) of Senegal in combating money laundering and terrorist financing (ML/TF) during the period January to September 2012. The report highlights key points, legislative and regulatory measures, AML/CFT situation, and technical assistance needed.

Key Activities

The FIU conducted various activities to combat ML/TF, including:

  • Suspicious Transactions Reports: The FIU received 58 suspicious transactions reports (STRs), forwarded 4 reports to the Ministry of Justice, and filed 13 cases.
  • Police Operations: Police operations led to the seizure of 2 kg of cannabis and dismantling a vast network on international drug trafficking using Dakar as a transit point.
  • Training Activities: Training activities for magistrates, criminal investigators, legal auditors, chartered accountants, bank compliance officers, and representatives of decentralized financial systems were conducted.

Legislative and Regulatory Measures

The government of Senegal took several legislative and regulatory measures to improve its AML/CFT regime:

  • Decree No. 2012-502: Designated members of the Headquarters, Trial Court, and Committee in charge of Investigations of the Court of Repression of Illicit Enrichment.
  • Bill No. 13/2012: Created the National Commission for the Fight against Fraud and Corruption (OFNAC), which was adopted by the National Assembly.
  • New Law: Empowers the Anti-corruption Agency to confiscate assets and forward reports to the prosecutor on corruption charges.

AML/CFT Situation

Senegal took important legislative and regulatory measures to improve its AML/CFT regime, particularly in the fight against illicit enrichment. The country continued to expand its AML/CFT national strategy document with the contribution of civil society.

Technical Assistance Needed

To support Senegal’s efforts to combat ML/TF, technical assistance is needed in the following areas:

  • Training: Training of magistrates and judiciary police officers.
  • Technical Support: Technical support for the management of transportation of cash and BNIs across borders.
  • Reports of Control: Reports on control and establishment of a national database on financial and economic crimes, including ML/TF.
  • National AML/CFT Strategy: Support for implementing the National AML/CFT strategy.

Overall, the report highlights Senegal’s efforts to combat corruption, embezzlement, and mismanagement, as well as its commitment to improving its AML/CFT regime. However, it also notes that technical assistance is needed to support these efforts.