Financial Crime World

Senegal Makes Progress in Financial Sanctions Compliance, Remains Under Enhanced Follow-Up

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Senegal has made significant strides in addressing technical compliance deficiencies identified in the Mutual Evaluation Report (MER), according to the latest assessment by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

Key Findings and Recommendations

  • Recommendation 6, previously classified as Non-Compliant, has been upgraded to Partially Compliant.
  • Recommendations 1, 24, 36, and 38 have transitioned from Partially Compliant to Largely Compliant.
  • Recommendation 4 has moved from Partially Compliant to Compliant.
  • Senegal has also taken concrete measures to comply with the revised requirements of Recommendation 2, resulting in a re-evaluation from Largely Compliant to Compliant.

Positive Developments

Senegal’s efforts have led to notable improvements across several key recommendations. The country has made substantial progress in addressing technical compliance deficiencies and is moving in the right direction towards implementing effective anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Enhanced Follow-Up Required

Despite these positive developments, Senegal will continue to be subject to enhanced follow-up and is required to maintain regular reporting on its progress in implementing AML/CFT measures. This ensures that the country remains committed to addressing any remaining technical compliance deficiencies and continues to strengthen its AML/CFT regime.

Conclusion

Senegal’s progress in financial sanctions compliance is a significant step forward, demonstrating its commitment to combating money laundering and terrorist financing. However, continued attention and effort are necessary to ensure that the country maintains its momentum and remains compliant with international standards.