Senegal Makes Progress in Compliance Training for Financial Professionals

In a significant development, Senegal has made notable strides in addressing technical compliance deficiencies identified in the Mutual Evaluation Report (MER), earning re-ratings on several recommendations from the West African country’s anti-money laundering and combating the financing of terrorism (AML/CFT) assessment.

Upgrades and Compliances

Recommendation 6, previously classified as Non-Compliant, has been upgraded to Partially Compliant. Recommendations 1, 24, 36, and 38, initially deemed Partially Compliant, have now been re-rated as Largely Compliant. Recommendation 4, which was previously Partially Compliant, has achieved full compliance.

Implementation of New Requirements

Senegal has also implemented measures to comply with the new requirements of Recommendation 2, leading to its reassessment from Largely Compliant to Compliant.

Continued Monitoring and Reporting

Despite these advancements, Senegal will remain under enhanced follow-up and continue to report to the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) on its progress in implementing AML/CFT measures. The country’s commitment to improving its financial sector’s compliance with international standards is a welcome development in the region.

Key Takeaways

• Recommendation 6 upgraded from Non-Compliant to Partially Compliant
• Recommendations 1, 24, 36, and 38 re-rated as Largely Compliant
• Recommendation 4 achieved full compliance
• Senegal implemented measures to comply with new requirements of Recommendation 2
• Country remains under enhanced follow-up and reporting obligations with GIABA