Financial Crime World

Senegal Makes Progress in Combating Money Laundering and Terrorist Financing

Overview

According to a recent report, Senegal has made significant strides in combating money laundering (ML), terrorist financing (TF), corruption, and other financial crimes. This article highlights the key points from the report, showcasing the country’s progress and areas for improvement.

Law Enforcement Efforts

  • Increased Reporting of Suspicious Transactions: The Financial Intelligence Unit (FIU) received 58 suspicious transaction reports (STRs) from January to June 2012, and forwarded 4 reports to the Ministry of Justice.
  • Seizures of Illicit Goods: Police made several seizures, including a large quantity of cocaine and cannabis.

Legislative and Regulatory Measures

  • Establishment of National Commission for Fight against Fraud and Corruption (OFNAC): The government submitted bill No. 13/2012 for the creation of OFNAC, which was adopted by the National Assembly in December 2012.
  • Designation of Committee Members: Decree No. 2012-502 designated members of the Headquarters, Trial Court, and Committee in charge of Investigations of the Court of Repression of Illicit Enrichment.

Training and Technical Assistance

  • Training Activities for Professionals: The FIU continued training activities for magistrates, criminal investigators, and other professionals on topics related to financial investigations and ML/TF.
  • Technical Assistance Needed: Senegal requires technical assistance in areas such as:
    • Training of magistrates and judiciary police officers
    • Management of cash transportation
    • Establishment of a national database on financial crimes

Asset Recovery

  • Government Commitment to Transparency and Accountability: The President informed the FIU Director General that his government was committed to transparency and accountability, and had directed the establishment of an Asset Recovery Commission.

Conclusion

While there is still much work to be done to combat ML/TF and other financial crimes in Senegal, the country appears to be making progress in its efforts. Continued support and technical assistance will be crucial in helping Senegal further strengthen its anti-money laundering and combating terrorist financing framework.