Financial Crime World

Sudan Steps Up Efforts to Combat Money Laundering, Terrorist Financing

Strengthening Financial System Compliance with International Standards

Khartoum, Sudan - In a bid to strengthen its financial system and comply with international standards, the government of Sudan has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) policies over the past few years.

Legislative Framework

Key legislation has undergone major revisions since the 1990s:

  • The Criminal Act of 1991: Outlaws money laundering and related offenses.
  • Sudan’s Counter Terrorism Act of 2001: Strengthens measures against terrorist financing.
  • The Money Laundering and Finance of Terrorism (Combating) Act 2014: Consolidates AML/CFT laws and establishes the National Committee for Combating Money Laundering and Financing of Terrorism.

Institutional Framework

Key institutions have been established or strengthened to enforce AML/CFT regulations:

  • National Committee for Combating Money Laundering and Financing of Terrorism: Oversees policy-making, domestic coordination, risk assessment, and international cooperation.
  • Technical Committee for Implementation of Security Council Resolutions (TCISCR): Coordinates implementation of UNSC resolutions related to terrorist financing.
  • Financial Information Unit (FIU): Analyzes and disseminates suspicious transaction reports (STRs) to competent authorities.

Supervisory Entities

AML/CFT regulations apply to banks, currency exchange companies, financial services companies, and other entities:

  • Central Bank of Sudan: Oversees banking system regulation and development.
  • Financial Market Regulatory Authority: Regulates non-bank financial institutions.
  • Insurance Supervision Authority: Monitors insurance sector activities.

Regional and International Cooperation

Sudan has strengthened ties with regional and international organizations to improve its AML/CFT framework:

  • Middle East & North Africa Financial Action Task Force (MENAFATF): Participates in the financial sector evaluation program (FSAB) and has undergone joint assessments.
  • International Monetary Fund (IMF): Provides technical assistance on strengthening legal, regulatory, institutional, and financial supervisory frameworks for AML/CFT.

Sudan’s efforts to combat money laundering and terrorist financing have led to recognition from the Financial Action Task Force (FATF) and MENAFATF.