Senegal Makes Progress in Combating Money Laundering

Significant Strides in Addressing Technical Compliance Deficiencies

Senegal has taken significant strides in addressing technical compliance deficiencies identified by the West African Monetary and Economic Union (UEMOA) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA). As a result, several recommendations have been reassessed.

Recommendations Reassessed

• Recommendation 6 has been upgraded from Non-Compliant to Partially Compliant. • Recommendations 1, 24, 36, and 38 have moved from Partially Compliant to Largely Compliant. • Recommendation 4 has transitioned from Partially Compliant to Compliant.

Implementation of Revised Requirements

Senegal has implemented measures to comply with the revised requirements of Recommendation 2, which has subsequently been upgraded from Largely Compliant to Compliant.

Continued Scrutiny and Vigilance Required

Despite this progress, Senegal will continue to be under enhanced follow-up by GIABA and is required to submit regular reports on its efforts to implement anti-money laundering and combating the financing of terrorism (AML/CFT) measures. This enhanced scrutiny underscores the importance of continued vigilance in the fight against money laundering and terrorist financing.

Maintaining Momentum and Building Upon Progress

In light of these developments, it remains essential for Senegal to maintain momentum and build upon its recent progress to ensure that its AML/CFT framework is robust and effective.