Financial Crime World

Title: Senegal’s Fight Against Financial Crime: A Review of Money Laundering and Terrorist Financing Trends

Subtitle: Latest report highlights Senegal’s progress in complying with international anti-money laundering and counter-terrorist financing standards

Senegal, a vibrant nation in West Africa known for its business environment and tourist attractions, has intensified its efforts to combat financial crimes in recent years. With the latest evaluation report from the Financial Action Task Force (FATF), we explore Senegal’s progress in adhering to international anti-money laundering (AML) and counter-terrorist financing (CTF) standards.

Senegal’s Progress: A Glance Back

  • 2018 Evaluation: FATF identified several areas where Senegal needed improvement in accordance with international FATF standards.
  • Follow-up Report (FUR) in 2020: Significant progress was noted, but there were still shortcomings.

A New Chapter: The Latest Report

The FATF’s latest report, titled “Mutual Evaluation of the Democratic Republic of Senegal – 2nd Follow-up to the 2017 Mutual Evaluation Report, February 2022,” outlines the progress Senegal has made since its initial evaluation in 2018 and the following FUR in 2020.

Key Achievements

  • Legislation Amendments: Senegal amended its laws and regulations to better align with international best practices.
  • Strengthening the Regulatory Framework: Improvements in the banking sector and money services businesses were made.
  • Risk-Based Approach: Adoption of a risk-based approach to counter financial crime. Identifying, assessing, and managing risks is essential for protecting global financial systems.

Crucial Support from Regional Bodies

GIABA, the West African Economic and Monetary Union regional body for AML and CTF, provided expert guidance throughout the evaluation process.

A Commitment to Progress

The latest FATF report acknowledges Senegal’s notable progress, stating, “Senegal has made significant progress in implementing its national AML/CFT system and addressing the deficiencies identified in the 2018 evaluation.”

Looking Forward: Continued Efforts and Collaboration

Senegal’s ongoing commitment to strengthening its financial sector and regulatory framework is crucial for maintaining a safe and secure financial system and combating financial crimes (money laundering and terrorist financing) at both the national and global levels.

The Global Impact

The FATF’s mutual evaluation process is a vital tool for encouraging and supporting countries’ efforts to improve their regulatory frameworks and prevent illicit financial activities. This, in turn, helps promote financial stability, economic growth, and global security.