Consequences of Non-Compliance in Finance Remain a Concern in Senegal

Dakar, Senegal Remains Under Enhanced Follow-Up for Non-Compliance

Despite making significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER), Senegal remains under enhanced follow-up for non-compliance with several key financial regulations.

Progress Made Towards Implementing AML and CFT Measures

According to a recent assessment by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), Senegal has seen improvements in several areas. Recommendations 7, 25, and 28 have been upgraded from Non-Compliant (NC) to Partially Compliant (PC), indicating that progress is being made towards implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

Areas Where Progress Has Been Made

• Recommendation 7: Upgraded from NC to PC
• Recommendation 25: Upgraded from NC to PC
• Recommendation 28: Upgraded from NC to PC

Notable Area of Improvement

The most notable area of improvement is recommendation 5, which has been re-rated from Partially Compliant (PC) to Compliant (C). This indicates that Senegal has made substantial progress in enhancing the ability of its financial sector to identify and prevent money laundering activities.

Ongoing Challenges

While recommendations 17, 18, and 31 have been upgraded from Partially Compliant (PC) to Largely Compliant (LC), demonstrating significant strides in implementing effective AML/CFT controls, others continue to pose a challenge. Senegal will continue to face enhanced follow-up and reporting requirements as part of GIABA’s ongoing efforts to ensure the country remains compliant with international AML/CFT standards.

Conclusion

The outcome highlights the importance of continued vigilance and cooperation in the fight against financial crimes in West Africa.