Financial Crime World

Title: Sudan’s Progress in Anti-Money Laundering and Counter-Terrorism Financing

Introduction

Sudan has taken noteworthy steps to enhance its anti-money laundering (AML) and counter-terrorism financing (CTF) measures in response to international pressures and the increasing threat of financial crimes. This article explores Sudan’s legislative, institutional, key players, technical assistance, and cooperation efforts in strengthening its AML/CTF framework.

Legislation

Sudan has criminalized money laundering and terrorism financing by enacting several laws:

  • 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

Institutions

Institutional improvements have been made, with the establishment of key bodies:

  1. National Committee for Anti-Money Laundering and Combating the Financing of Terrorism (NCAML/CFT)

    • Policy making
    • Domestic coordination
    • Risk assessment
    • Monitoring international and regional developments

  2. Technical Committee for Implementation of Security Council Resolutions (TCISCR)

    • Implementing United Nations Security Council resolutions related to terrorist financing
    • Bringing together representatives from Sudan’s intelligence and security services, ministries, and financial institutions

Key Players in Enforcement and Cooperation

  • Public Prosecution and Specialized Prosecutions
  • Ministry of Interior
  • Security and Intelligence Service (Economic Security Directorate)

Regional and International Cooperation

  • MENAFATF (since 2006)
    • Undergone assessments
    • Worked to address deficiencies in control system
    • Removed from FATF’s “grey list” in 2015

Technical Assistance and Capacity Building

International Monetary Fund (IMF)

  • Provided substantial technical assistance since 2013
  • Strengthening Sudan’s legal, regulatory, institutional, and financial supervisory frameworks
  • Preparation of key legislation, such as the AML/CFT Act of 2014 and regulatory controls for banks and financial institutions
  • Ongoing support aims to help Sudan apply efficiency, integrity, and risk-based approaches

Conclusion

Sudan’s commitment to AML/CTF reforms signifies the country’s dedication to the international community and its goal to establish a robust financial system. By fortifying its legislative, institutional, and enforcement frameworks, Sudan has made considerable strides in tackling financial crimes and terrorism financing.