Financial Crime World

Sudan Takes Significant Steps to Combat Money Laundering and Terrorism Financing

In recent years, Sudan has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) laws and regulations. The country’s efforts have been recognized by international organizations, including the Financial Action Task Force (FATF) and the International Monetary Fund (IMF).

Sudan’s legal framework for AML/CFT is based on a series of laws and decrees issued over the years. These include:

  • The Criminal Act of 1991
  • Sudan’s Counter Terrorism Act of 2001
  • The Money Laundering and Finance of Terrorism (Combating) Act of 2014
  • The Human Trafficking Act of 2014

Institutional Framework

The National Committee for Anti-Money Laundering and Combating the Financing of Terrorism is responsible for:

  • Policy making
  • Domestic coordination
  • Assessing risk
  • Monitoring international and regional developments
  • Establishing training programs

The committee is headed by the Deputy Minister of Justice and comprises representatives from major stakeholders in the AML/CFT sector.

Technical Committee

The Government of Sudan has established a Technical Committee to implement United Nations Security Council resolutions related to terrorist financing. The committee includes representatives from various government ministries and agencies, including:

  • Central Bank of Sudan

Financial Information Unit

Sudan’s Financial Information Unit (FIU) was established in 2010 as an independent unit under the supervision of the Central Bank of Sudan. The FIU is responsible for:

  • Receiving and analyzing suspicious transaction reports (STRs) from financial and non-financial institutions
  • Disseminating STRs to competent prosecution authorities

Regional and International Cooperation

Sudan has been actively engaged with regional and international organizations in combating money laundering and terrorism financing, including:

  • Joining the Middle East and North Africa Financial Action Task Force (MENAFATF) in 2006
  • Undergoing several assessments by MENAFATF since then
  • Being removed from the FATF’s “gray list” in 2015 after making significant progress in addressing AML/CFT deficiencies

IMF Support

The IMF has provided technical assistance to Sudan since 2013, helping the country strengthen its legal, regulatory, and institutional frameworks for AML/CFT. The organization has also assisted the Central Bank of Sudan in implementing AML/CFT regulations.

Conclusion

Sudan’s efforts to combat money laundering and terrorism financing have been recognized by international organizations, demonstrating the country’s commitment to implementing effective measures to prevent these threats.