Financial Crime World

Sudan Takes Significant Steps to Prevent Money Laundering and Combat Terrorism Financing

Khartoum, Sudan - In a major effort to combat money laundering and terrorist financing, Sudan has made significant strides in recent years. The country has implemented various measures to prevent the laundering of funds and the financing of terrorism, demonstrating its commitment to international standards.

The legal framework has been strengthened with the adoption of several laws aimed at combating money laundering and terrorist financing. These laws include:

  • Anti-Money Laundering and Combating the Financing of Terrorism Law: Criminalizes money laundering under the Criminal Act of 1991
  • Sudan’s Counter Terrorism Act of 2001
  • The Money Laundering and Finance of Terrorism (Combating) Act 2014
  • Human Trafficking Act 2014

Institutional Framework

The country has also established an institutional framework to combat money laundering and terrorist financing. The:

  • National Committee for Combating Money Laundering and Financing of Terrorism: Responsible for policy-making, domestic coordination, risk assessment, monitoring international and regional developments, and establishing training programs.
    • Headed by the Deputy Minister of Justice and comprising representatives from major stakeholders in the area.

Technical Committee for Implementation of Security Council Resolutions (TCISCR)

Established to implement UNSC resolutions related to terrorist financing. The committee includes:

  • Representatives from key government agencies and institutions: Intelligence and National Security Service, Ministry of Foreign Affairs, Ministry of Defense, and Central Bank of Sudan.

Financial Information Unit (FIU)

The FIU receives, analyzes, and disseminates Suspicious Transaction Reports (STRs) to competent prosecution authorities. The unit has also joined the Egmont Group of FIUs, a global network of financial intelligence units.

Supervisory Entities

Supervisory entities on financial institutions and non-financial businesses have been established to ensure compliance with anti-money laundering and terrorist financing regulations. These entities include:

  • Central Bank of Sudan
  • Financial Market Regulatory Authority
  • Insurance Supervisory Authority
  • Real Estate Agents, and others.

Law Enforcement and Prosecution Authorities

Law enforcement and prosecution authorities are playing a critical role in combating money laundering and terrorist financing. Public Prosecution and Specialized Prosecutions, Ministry of Interior, Security and Intelligence Service (Economic Security Directorate), and other agencies are working together to investigate and prosecute money laundering and terrorist financing cases.

Regional and International Cooperation

Sudan has engaged in regional and international cooperation to combat money laundering and terrorist financing. The country is a member of the:

  • Middle East & North Africa Financial Action Task Force (MENAFATF)
  • Has undergone several evaluations by the organization
  • Made significant progress in addressing strategic anti-money laundering and combating the financing of terrorism deficiencies, leading to its removal from the gray list of countries with deficiencies in their control systems.

International Monetary Fund (IMF) Technical Assistance

The IMF has provided substantial technical assistance to Sudan on strengthening its legal, regulatory, institutional, and financial supervisory frameworks for anti-money laundering and combating the financing of terrorism. The IMF’s assistance has contributed to the preparation of the AML/CTF Act of 2014 and other initiatives aimed at improving the country’s anti-money laundering and terrorist financing regime.

Conclusion

Sudan’s efforts to prevent money laundering and combat terrorist financing demonstrate its commitment to international standards and best practices. The country’s legal framework, institutional framework, supervisory entities, law enforcement authorities, and regional and international cooperation all play critical roles in combating these threats.