Financial Crime World

Sudan’s Anti-Money Laundering (AML) Regulations: A Comprehensive Overview

In an effort to combat money laundering and terrorist financing, Sudan has implemented robust regulations aimed at preventing and prosecuting these illicit activities. The Anti-Money Laundering and Combatting of Terrorism Financing Act (AML CTF), promulgated in 2014, remains in effect today.

Key Provisions

  • It is a criminal offense to engage in money laundering or terrorist financing.
  • Section 35/36 of the Act makes it an offense for individuals or legal entities to intentionally conceal or whiten the proceeds of crime, acquire or possess such funds, or assist others in doing so.
  • The punishment for these offenses can include imprisonment and fines.

Applicability

The AML CTF applies to natural and legal persons operating in the financial sector, including:

  • Banks
  • Insurance companies
  • Capital markets
  • Real estate
  • Minerals
  • Law firms
  • Accounting firms

These entities are required to adopt and implement protective rules and procedures relating to:

  • Identification documents
  • Know-your-customer protocols
  • Record-keeping

Enforcement and Compliance

  • Businesses and services regulators, including the Central Bank, Capital Market Authority, and insurance supervision board, are responsible for inspecting and verifying compliance with these rules and procedures.
  • Failure to comply can result in fines and imprisonment for directors and officers of non-compliant companies.

Financial Information Unit (FIU)

The AML CTF establishes a Financial Information Unit (FIU) to receive complaints, order discovery, and lodge complaints against offending businesses or individuals.

National Committee for Combating Money Laundering and Financing of Terrorism

The National Committee for Combating Money Laundering and Financing of Terrorism is responsible for developing strategies, planning, and coordinating the implementation of anti-money laundering and counter-terrorism financing measures.

Contact Information

The main enforcement agent for international liaison and other purposes is the Undersecretary, Ministry of Justice, who serves as president of the AML CTF National Committee. The committee’s address is:

  • Justice Tower
  • Gamhuria Avenue
  • PO Box 302
  • Postal Code 11111
  • T: +249 183 764 168
  • Email: moj@mojj.gov.sd

Conclusion

Sudan’s AML regulations are designed to prevent and prosecute money laundering and terrorist financing activities. Compliance with these regulations is essential for financial institutions and individuals operating in the country, and non-compliance can result in severe penalties.