Financial Crime World

Title: Senegal’s Progress in Strengthening Measures Against Money Laundering and Terrorist Financing: FATF Report

Background

Senegal has made significant strides in improving its compliance with the Financial Action Task Force (FATF) standards, as outlined in the latest follow-up report. Below are the key areas of progress.

FATF Report Highlights

  • Senegal’s improvement in compliance with FATF standards (FATF - Financial Action Task Force) since the 2018 evaluation
  • Strengthening legal framework
  • Enhancing regulatory and operational capabilities
  • Improving international cooperation

Key Findings from the Report

Political Commitment

  • Commendable political commitment to tackling money laundering and terrorist financing
  • Addressing deficiencies identified during the 2018 mutual evaluation

Establishment of a Financial Intelligence Unit (FIU)

  • FiU was established to combat money laundering and terrorist financing risks

Customer Due Diligence (CDD) Measures

  • Implementation of CDD measures to better understand the risks of transactions

Financial Sanctions for Non-compliance

  • Introduction of financial sanctions for non-compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations

Technical Compliance and Risk Assessment

  • Progress made in developing a comprehensive and risk-based AML/CTF framework
  • Enhancing supervisory and coordination functions

Conclusion

  • Significant strides made since the last evaluation
  • Committed to meeting the FATF standards fully
graph TD;
A[Senegal's Progress] --> B[FATF Report]
B --> C[Improvements in Compliance]
C -->| Legal Framework | D[Financial Intelligence Unit]
C -->| Legal Framework | E[Customer Due Diligence]
C -->| Legal Framework | F[Financial Sanctions]
C -->| Regulatory Capabilities | G[Technical Compliance]
C -->| Regulatory Capabilities | H[Risk Assessment]
C --> I[International Cooperation]

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