FATF Places Several African Countries on Global Dirty Money Watchlist

Senegal Under Scrutiny for Money Laundering and Terrorist Financing Concerns

The Financial Action Task Force (FATF) report: The Financial Action Task Force (FATF), an international organization, has identified several African countries, including Senegal, for their insufficient progress in implementing the organization’s recommendations against illicit financial flows.

FATF recommendations: The report indicates that Senegal, along with other African countries, is under close scrutiny for their unfulfilled commitments to address risks in the areas of money laundering, terrorist financing, and proliferation financing.
Regulatory frameworks: FATF urges Senegal to take immediate action to ensure that their anti-money laundering (AML) and counter-terrorist financing (CTF) frameworks meet international standards.
Previous Progress: Senegal has made some progress in addressing identified deficiencies. However, more needs to be done to fully address the country’s strategic AML/CFT deficiencies.

Additional measures: Failure to address these deficiencies may result in additional measures being imposed on Senegal by the FATF, including increased scrutiny from the international community and potential sanctions.

Engagement: The FATF encourages African countries, including Senegal, to engage with the international community, international financial institutions and regional bodies to learn from their experiences and best practices.

Global Financial Stability: Strengthening financial regulatory frameworks and enhancing cross-border cooperation is crucial for protecting financial systems from abuse and promoting economic stability.

Continued engagement: The FATF pledges its commitment to continuing its engagement with African countries to help them overcome their challenges and build more robust AML/CFT regimes.

Strategic AML/CFT deficiencies: FATF’s latest report underscores the importance for African countries, including Senegal, to address their strategic AML/CFT deficiencies and strengthen their financial regulatory frameworks.
Regional and Global Stability: Strengthening financial regulatory frameworks not only benefits individual countries, but also promotes regional and global financial stability.