Sudan Takes Strides in Combating Financial Crime, Says Report

Introduction

Khartoum, Sudan - In a bid to strengthen its financial sector and prevent money laundering and terrorist financing, Sudan has made significant improvements in recent years, according to a report by the country’s government.

Key Developments

• Establishment of a New Anti-Money Laundering (AML) Law: The AML law was established to oversee the implementation of anti-money laundering measures across various sectors.
• Creation of a National Committee for Combating Money Laundering and Financing of Terrorism: This committee is tasked with overseeing the implementation of AML measures, including banking and financial services.
• Strengthening Regulatory Framework: The Central Bank of Sudan issued circulars to enhance compliance with international standards on anti-money laundering and combating terrorist financing.

Progress Made

• Establishment of a Financial Information Unit (FIU): The FIU is an independent unit under the supervision of the central bank, responsible for receiving, analyzing, and disseminating suspicious transaction reports.
• Cooperation with Regional and International Organizations: Sudan has cooperated closely with organizations such as MENAFATF and the IMF, and has joined the Egmont Group of FIUs.

Recognition by MENAFATF

Sudan’s efforts have been recognized by MENAFATF, which has agreed to withdraw the country from its regular follow-up process due to significant progress made in addressing strategic AML/CFT deficiencies.

Areas for Focus Going Forward

• Strengthening Regulatory and Supervisory Frameworks
  • Enhance risk-based approach and field inspection procedures
  • Improve cooperation between law enforcement agencies and financial institutions
  • Develop effective mechanisms for enforcing AML/CFT regulations

Conclusion

Sudan’s efforts are seen as a positive step towards strengthening its financial sector and preventing financial crime.