Financial Crime World

Senegal’s Financial Crime Landscape: A Growing Concern in the Organized Crime Index

New Data on Financial Crimes in Senegal

The Organized Crime Index (ENACT) has published its latest report on criminality in Senegal, revealing a significant trend in financial crimes. This West African nation, despite efforts to strengthen its financial regulatory systems, remains a target for transnational criminal organizations (TCOs).

Financial Crimes in Senegal: Extent and Impact

According to the ENACT report, financial crimes accounted for nearly a third (31%) of Senegal’s overall criminality score. They ranked as the third most prevalent criminal activity after extortion and protection racketeering (32%) and human trafficking (27%).

  • Financial crimes accounted for 31% of Senegal’s overall criminality score.
  • Ranked third, after extortion and protection racketeering (32%) and human trafficking (27%).

Senegal’s Vulnerability to Financial Crimes

The ENACT Organized Crime Index paints a clear picture of Senegal’s vulnerability to financial crimes. These illegitimate activities include:

  • Money laundering
  • Embezzlement
  • Tax evasion
  • Corruption
  • Fraud
  • Cybercrimes

  • A multi-dimensional tool used to measure both the level of countries’ criminality and their resilience to organized crime.
  • Financial crimes range from money laundering to corruption and fraud.

Financial Crimes in the West African Region

Financial crimes in Senegal are not an isolated issue. For instance, Ghana, another West African country, saw financial crimes rank as the second most prevalent criminal activity (38%) in 2023.

  • Financial crimes are a significant component of the overall criminal landscape in West African countries.

Senegal’s Strategic Location: A Concern

Senegal’s strategic location makes it more vulnerable to financial crimes. It lies on the transit route of cocaine, heroin, and marijuana smuggled from South America to Europe. Additionally, it is a significant producer and exporter of illicit gold, fish, timber, and other resources.

  • Senegal’s strategic location makes it a significant transshipment hub for illicit goods and funds.

Tackling Financial Crimes: A Collective Effort

Senegalese authorities and civil society organizations have acknowledged the need for a coordinated approach to address financial crimes. This effort involves:

  • Increased collaboration between local and international actors.
  • Financial intelligence training for law enforcement.
  • Establishment of better anti-money laundering mechanisms.
  • Robust implementation of the Money Valids Act.

  • Addressing financial crimes requires transparency, accountability, and a collective effort.

Conclusion

As the world grapples with the implications of transnational crime and the digitalization of illicit activities, it is crucial to recognize the importance of transparency and accountability in addressing financial crimes. The ENACT report serves as a valuable snapshot of the current state of transnational organized crime in the African region and the challenges that lie ahead.

  • The public release of this data will serve as a catalyst for further discussions on how best to tackle financial crimes across Africa.