Senegal Makes Progress in Financial Crime Investigation Procedures, Merits Compliance Upgrade

Senegal has made significant strides in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER), resulting in reassessment of several recommendations. The country’s efforts have led to improvements across various fronts.

Recommendations Upgraded

Several key recommendations have been upgraded as a result of Senegal’s progress:

• Recommendation 6: Previously non-compliant, it is now partially compliant.
• Recommendations 1, 24, 36 and 38: Previously partially compliant, they are now largely compliant.
• Recommendation 4: Initially deemed partially compliant, Senegal has achieved full compliance.

New Compliance Upgrade

In addition to these upgrades, Senegal has taken concrete steps to align with the new requirements of Recommendation 2, resulting in a compliance upgrade from largely compliant to fully compliant.

Enhanced Monitoring and Reporting Requirements

While Senegal’s progress is commendable, it will continue to be subject to enhanced follow-up and reporting requirements as it works to further strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) measures. The country’s progress will be closely monitored by GIABA, the intergovernmental organization responsible for overseeing AML/CFT efforts in West Africa.

Key Takeaways

• Senegal has made significant progress in addressing technical compliance deficiencies.
• Several recommendations have been upgraded, reflecting improved financial crime investigation procedures.
• Enhanced monitoring and reporting requirements will continue to ensure ongoing improvement.