Financial Crime World

Senegal Makes Progress on Anti-Money Laundering, But Gaps Remain

The Republic of Senegal has made significant strides in improving its compliance with international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. However, according to a recent report by the Financial Action Task Force (FATF), there is still work to be done.

Progress Made

Senegal’s Mutual Evaluation Report (MER) was adopted in 2019, and since then, the country has taken further steps to address AML/CFT deficiencies. While progress has been made on several fronts, some gaps remain.

Technical Compliance

As of November 2019, Senegal’s technical compliance with FATF recommendations is largely compliant, with some areas requiring improvement. Recommendations 10, 15, 16, 22, and 23 are still pending re-rating.

Encouragement to Continue Efforts

Despite these remaining deficiencies, Senegal is encouraged to continue its efforts to strengthen its AML/CFT framework. The country will remain in enhanced follow-up and will report back to the Global Institute of Anti-Money Laundering (GIABA) on its progress.

Legislative Updates

Senegal’s AML/CFT legislation has been updated with several decrees and orders, including:

  • Decree No. 2018-03: Established an AML/CFT law
  • Decree No. 2020-602: Implemented targeted financial sanctions related to terrorism financing and the proliferation of weapons of mass destruction
  • Decree No. 2020-791: Outlined procedures for filing, keeping, and disclosing information on beneficial ownership

Implementation of Community Legislation

The country has also made progress in implementing community legislation, including:

  • Directives No. 007-09-2017, No. 008-09-2017, and No. 009-09-2017: Established thresholds for the declaration of cross-border physical transportation of cash and bearer negotiable instruments, as well as payment of receivables in cash or by bearer negotiable instruments

Future Reporting

Senegal is expected to report back to the FATF Plenary in November 2021, providing an update on its progress in strengthening its AML/CFT framework.