Financial Crime World

Title: Senegal Making Strides in Fortifying Financial Regulations Against Money Laundering and Terrorist Financing

Subtitle: A FATF Report Highlights Senegal’s Progress in Enhancing Compliance since the 2018 Mutual Evaluation

Senegal, a pivotal player in the West African financial landscape, is making significant strides in strengthening financial regulation compliance and tackling money laundering and terrorist financing (ML/TF) activities. According to the Financial Action Task Force (FATF) mutual evaluation follow-up report, Senegal has made substantial progress since the 2018 evaluation.

Key Areas of Progress

The latest report (“Mutual Evaluation Report: Senegal, 4th Round - follow-up to the 2018 evaluation”) covers Senegal’s progress in the following areas:

  1. Legal and Regulatory Framework

    • Enacting new legislation
    • Implementing supervisory mechanisms
    • Improving the institutional framework

  2. Risk Assessment

    • Developing a national risk assessment strategy
    • Applying it to the financial sector

  3. Customer Due Diligence

    • Adopting customer due diligence measures
    • Bringing them in line with international standards

  4. Inter Agency Coordination

    • Improving the effectiveness of interagency collaboration
    • Preventing and combating ML/TF

  5. International Cooperation

    • Strengthening international cooperation and information exchange

The Importance of Senegal’s Progress

The progress achieved by Senegal in these areas is crucial for reducing financial risks and contributing to the global efforts against money laundering and terrorist financing. Senegal’s dedication to enhancing its regulatory framework and practical steps towards achieving compliance is particularly significant given the increasing global focus on strengthening financial regulation and countering illicit financial flows.

In conclusion, the FATF mutual evaluation follow-up report on Senegal reinforces the country’s commitment to upholding international financial standards and countering financial crimes. With its progressive steps towards improving its regulatory framework and achieving compliance, Senegal is making strides towards creating a more robust and resilient financial system.