Senegal Takes Steps to Improve Anti-Money Laundering Policies, Makes Progress in Addressing Technical Compliance Deficiencies

Senegal has made significant progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) measures by addressing technical compliance deficiencies identified in a recent Mutual Evaluation Report. The country’s efforts have been reassessed on several recommendations, resulting in improved ratings across the board.

Key Recommendations Upgraded

• Recommendation 6 has been upgraded from Non-Compliant to Partially Compliant.
• Recommendations 1, 24, 36, and 38 have been re-rated from Partially Compliant to Largely Compliant.
• Recommendation 4 has been elevated from Partially Compliant to Compliant, reflecting Senegal’s commitment to implementing robust AML/CFT measures.

Progress on Recommendation 2

Notably, the government of Senegal has taken measures to comply with the new requirements of Recommendation 2, which has been reassessed from Largely Compliant to Compliant. This development is seen as a major step forward in the country’s efforts to combat money laundering and terrorist financing.

Enhanced Follow-Up and Reporting

Senegal will continue to be under enhanced follow-up and will report regularly to the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on its progress in implementing AML/CFT measures. This renewed focus is expected to bolster Senegal’s reputation as a responsible player in the global fight against financial crimes.

Conclusion

Senegal’s efforts to improve its anti-money laundering policies and address technical compliance deficiencies demonstrate its commitment to combating money laundering and terrorist financing. The country’s progress is expected to have a positive impact on its international reputation and its role in the global fight against financial crimes.