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Sudan’s Efforts on Anti-Money Laundering and Combating the Financing of Terrorism Report: A Step Towards Compliance with International Standards

In recent years, Sudan has made significant strides in addressing concerns related to money laundering and combating the financing of terrorism. In response to international developments, Sudan has adopted a range of measures on both legal and institutional levels, as well as coordinating with the international community through organizations such as the Financial Action Task Force (FATF) and the Middle East & North Africa Financial Action Task Force (MENAFATF).

Key Areas

Sudan’s efforts are represented across several key areas:

Sudan has criminalized money laundering under the “Anti-Money Laundering and Combating the Financing of Terrorism Law” of 2014. This law builds upon earlier legislation, including:

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

Institutional Framework

Sudan has established an institutional framework to combat money laundering and terrorist financing. This includes the National Committee for Anti-Money Laundering and Combating the Financing of Terrorism, which was established in 2010 and is headed by the Deputy Minister of Justice. The committee is responsible for:

  • Policy-making
  • Domestic coordination
  • Risk assessment
  • Monitoring international developments
  • Developing guidelines for financial institutions

Strengthening Law Enforcement and Prosecution Authorities

Sudan has also taken steps to strengthen its law enforcement and prosecution authorities, including:

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

Regional and International Cooperation

Regionally and internationally, Sudan has cooperated with organizations such as MENAFATF, which conducted a financial sector evaluation program in 2005. Sudan joined MENAFATF in 2006 and underwent its first joint assessment in 2012. In recognition of its progress, Sudan was removed from the grey list by FATF in 2015 and shifted to regular follow-up process.

Technical Assistance

The International Monetary Fund (IMF) has also provided substantial technical assistance to Sudan since 2013 on strengthening its legal, regulatory, institutional, and financial supervisory frameworks for anti-money laundering and combating the financing of terrorism. The IMF has assisted Sudan in preparing the AML/CFT Act of 2014 and developing guidelines for financial institutions.

Conclusion

Overall, Sudan’s efforts demonstrate a commitment to addressing concerns related to money laundering and combating the financing of terrorism, and its progress has been recognized by international organizations such as FATF and MENAFATF.