Financial Crime World

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Sudan Makes Significant Progress in Combating Financing of Terrorism

Khartoum, Sudan - In a major development, Sudan has made significant strides in combating the financing of terrorism (CFT), according to a recent report.

Sudan has enacted several laws aimed at preventing money laundering and terrorist financing. These include:

  • The Anti-Money Laundering and Combating Financing of Terrorism Law, which criminalizes money laundering and terrorist financing.
  • A range of regulations and circulars to guide financial institutions in their anti-money laundering and CFT efforts.

Establishing Institutional Framework

The National Committee for Anti-Money Laundering and Combating the Financing of Terrorism was established in 2014 to coordinate efforts and ensure effective implementation of CFT measures. The committee is headed by the Deputy Minister of Justice and includes representatives from key stakeholders, including:

  • Financial institutions
  • Law enforcement agencies

Technical Committee Established

The Technical Committee for Implementation of Security Council Resolutions (TCISCR) was set up in 2014 to oversee the implementation of United Nations Security Council resolutions related to terrorist financing. The committee is responsible for:

  • Assessing risks
  • Monitoring international developments
  • Establishing training programs

Financial Information Unit Established

The Financial Investigation Unit (FIU) was established in 2010 to receive, analyze, and disseminate Suspicious Transaction Reports (STRs). The FIU has the power to access information from financial institutions and non-financial entities and has joined the Egmont Group of FIUs.

Strengthening Supervisory Entities

Financial institutions, including:

  • Banks
  • Currency exchange companies
  • Financial services companies
  • Other financial institutions are required to pay special attention to business relationships with countries that do not apply or insufficiently apply Financial Action Task Force (FATF) recommendations.

Non-financial businesses, such as:

  • Lawyers
  • Accountants
  • Jewelers
  • Real estate agents are also subject to CFT regulations.

Law Enforcement and Prosecution Authorities Strengthened

Public prosecution authorities, specialized prosecutions, the Ministry of Interior, and the Security and Intelligence Service have all been strengthened to combat money laundering and terrorist financing.

Regional and International Cooperation

Sudan has joined the Middle East & North Africa Financial Action Task Force (MENAFATF) and has undergone several evaluations and assessments. The country has made significant progress in addressing strategic AML/CFT deficiencies and was removed from the FATF’s gray list in 2015.

IMF Provides Technical Assistance

The International Monetary Fund (IMF) has provided substantial technical assistance to Sudan since 2013, assisting the country in strengthening its legal, regulatory, institutional, and financial supervisory frameworks for AML/CFT.