Sudanese Government Cracks Down on Money Laundering and Terrorism Financing
The government of Sudan has taken a significant step in combating financial crimes by introducing new laws aimed at preventing money laundering and terrorism financing.
New Anti-Money Laundering and Combating the Financing of Terrorism Act
President Omar Hassan Ahmed Al-Bashir signed the new law into effect last week, criminalizing the practice of concealing the source or nature of funds, as well as providing or collecting money for terrorist activities. The law also provides for the confiscation of proceeds from illegal activities, as well as the instruments used to commit them.
Key Provisions
- Criminalizes money laundering and terrorism financing
- Imposes penalties including imprisonment for up to 10 years and fines equivalent to double the amount involved in the offense
- Provides for confiscation of proceeds from illegal activities and instruments used to commit them
- Establishes a special fund to manage confiscated funds
- Requires individuals entering or leaving the country to declare financial instruments they are carrying
- Authorizes customs authorities to question individuals who fail to comply with declaration requirements
Implementation and Training
The Sudanese government will now work on implementing the new law, which is expected to take several months. The Financial Inquiries Unit and Control and Supervision Bodies will be responsible for developing regulations to support the implementation of the law.
In addition, the government has pledged to provide training for customs officials and other relevant authorities to ensure that they are equipped to effectively enforce the new law.
Impact on Sudan’s Economy
The introduction of this new law is seen as a major step forward in Sudan’s efforts to combat financial crimes and protect its economy. It is expected to have significant implications for the country’s ability to attract foreign investment and maintain good relations with international partners.
By combating money laundering and terrorism financing, the Sudanese government aims to promote economic stability and security, and to demonstrate its commitment to international standards on anti-money laundering and counter-terrorism finance.
Next Steps
The implementation of this new law is expected to have a significant impact on Sudan’s efforts to combat financial crimes and protect its economy. The government will continue to work on implementing the law, developing regulations, and providing training for relevant authorities.