Sudan’s Anti-Money Laundering Laws Under Scrutiny Amid Rising Financial Crimes

Sudan is facing a surge in financial crimes, including people smuggling, drug trafficking, and customs duty evasion, which has raised concerns over the effectiveness of its anti-money laundering (AML) laws and regulations. According to crime statistics over the past two years, the level of financial gain-driven criminality has increased significantly, with indicators suggesting that this trend is being fueled by organized crime.

Rising Financial Crimes in Sudan

The country has seen a worrying rise in cases of serious fraud, with an average of three to four major incidents occurring annually, each worth more than the current capitalization of several local banks. This poses a significant risk to the stability and soundness of Sudan’s financial sector.

Areas of Concern

• People smuggling
• Drug trafficking
• Customs duty evasion
• Serious fraud

Evaluation of AML/CFT Measures

A comprehensive evaluation of Sudan’s AML and combating the financing of terrorism (CFT) measures has been conducted. The report provides an overview of the measures in place as of the date of the on-site visit, analyzing their effectiveness and setting out levels of compliance with international recommendations.

Findings and Recommendations

The evaluation highlights areas where Sudan’s system could be strengthened to better combat financial crime and prevent its economy from being exploited by criminal networks. Recommendations are made for improving the country’s AML/CFT framework, including measures to:

• Enhance transparency
• Strengthen institutional capacity
• Increase international cooperation

Conclusion

As the global fight against financial crime continues to intensify, Sudan is under pressure to demonstrate its commitment to implementing robust AML/CFT laws and regulations. The findings of this evaluation will serve as a wake-up call for the authorities to take decisive action to address the growing threat of financial crime in the country.