Senegal Fails to Meet Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Regulations

FATF Assessment Reveals Non-Compliance in Several Areas

Senegal has been rated “non-compliant” by the Financial Action Task Force (FATF) in its latest assessment, highlighting the country’s failure to implement key anti-money laundering (AML) and combating financing of terrorism (CFT) regulations.

Partial Compliance with FATF Recommendations

According to the report, Senegal is only partially compliant with 14 of the 40 FATF Recommendations. The areas where Senegal has failed to comply include:

Money laundering offenses
Confiscation and provisional measures
Terrorist financing offenses
Customer due diligence

Weaknesses in Regulation and Supervision

The report highlights several weaknesses in Senegal’s regulatory framework, including:

Ineffective regulation and supervision of financial institutions, DNFBPs (designated non-financial businesses and professions), and cash couriers.
Limited resources and capabilities of the financial intelligence unit.

Lack of Adequate Laws and Regulations

Senegal lacks adequate laws and regulations to combat terrorism, including:

Targeted financial sanctions related to terrorism and terrorist financing.
Mutual legal assistance mechanisms are limited, making it challenging to cooperate with other countries in combating cross-border crimes.

Urgent Action Required

FATF has urged Senegal to take immediate action to address these shortcomings and implement effective AML/CFT measures to prevent the misuse of its financial system. Failure to comply may result in international sanctions and restrictions on Senegalese banks and financial institutions.

Full Report Available Online

The full report can be accessed online, providing a detailed assessment of Senegal’s AML/CFT compliance and recommendations for improvement.