Financial Crime World

FATF Report on Senegal’s Progress in Implementing Anti-Money Laundering and Combating the Financing of Terrorism Measures

The Financial Action Task Force (FATF) has released a report assessing Senegal’s progress in implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures. The report highlights both areas where Senegal has made significant progress and areas that require improvement.

Progress Made by Senegal

Senegal has made notable improvements in several key areas, including:

Improved Laws and Regulations

  • Recommendation 5: Senegal has enhanced its laws and regulations to prevent money laundering.
  • Recommendation 17: Senegal has clarified its rules on information sharing within financial groups.
  • Recommendation 21: Senegal has clarified its rules on the disclosure of suspicious transaction reports.

Enhanced Casino Regulations

  • Recommendation 25: Senegal has implemented measures to prevent criminals from becoming beneficial owners of significant ownership or control in casinos and other Designated Non-Financial Businesses and Professions (DNFBPs).

Improved Law Enforcement Cooperation

  • Recommendation 31: Senegal has improved its laws and regulations regarding the deferral of arrests and seizures.

Areas Requiring Improvement

Despite progress, Senegal still needs to address several outstanding technical compliance deficiencies:

Inadequate Casino Regulations

  • Recommendation 7: Senegal must implement measures to prevent criminals or their accomplices from becoming beneficial owners of significant ownership or control in casinos and other DNFBPs.
  • Recommendation 28: Senegal must establish an obligation for supervisory and self-regulatory authorities to exercise risk-based supervision.

FATF Ratings

The report assigns the following ratings to Senegal’s compliance with FATF Recommendations:

  • Recommendation 5: Compliant (C)
  • Recommendation 17: Largely Compliant (LC)
  • Recommendation 21: Compliant (C)
  • Recommendation 25: Partially Compliant (PC)
  • Recommendation 31: Compliant (C)

Note: The report uses the following abbreviations:

  • C: Compliant
  • LC: Largely Compliant
  • PC: Partially Compliant
  • NC: Non-Compliant