Senegal Makes Progress in Fighting Money Laundering, But Remains Under Scrutiny

Dakar - Senegal has made significant strides in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER), earning it improved ratings on several key recommendations. The country’s progress was hailed by anti-money laundering and combating the financing of terrorism (AML/CFT) authorities.

Progress Made

Recommendations 7, 25, and 28, previously classified as Non-Compliant, have been upgraded to Partially Compliant, while Recommendations 17, 18, and 31 were boosted from Partially Compliant to Largely Compliant. Additionally, Recommendation 5, which was previously partially compliant, has achieved full compliance.

Monitoring Continues

Despite this progress, Senegal will continue to be monitored closely by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) and is required to provide regular updates on its implementation of AML/CFT measures. The country’s continued reporting obligations serve as a reminder of its commitment to fighting money laundering and terrorist financing.

Enhanced Follow-up

The enhanced follow-up is aimed at ensuring that Senegal maintains momentum in its efforts to strengthen its financial system and prevent illicit activities. As the country continues to work towards full compliance, it remains committed to collaborating with GIABA and other international partners to combat financial crimes.

Key Takeaways

• Senegal has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER).
• The country’s progress has earned it improved ratings on several key recommendations.
• Despite this progress, Senegal will continue to be monitored closely by GIABA and is required to provide regular updates on its implementation of AML/CFT measures.