Dakar, June 14 (APS) – Senegal, to better fight against money laundering and the financing of terrorism, by implementing identification, declaration and storage procedures, while imposing “effective, proportionate sanctions and dissuasive”, underlines the latest report of the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
“Senegal has revised its anti-money laundering and counter-terrorist financing (AML/CFT) strategy based on the update of its ML/FT risk assessment,” indicates GIBA in its 2023 report. .
He notes that the country has thus “instituted a risk-based approach to the supervision of non-profit organizations and has implemented identification, reporting and storage procedures”.
Senegal has also “put in place an approach based on monitoring information on beneficial owners with a view to improving the transparency of legal entities and legal arrangements”.
According to GIABA, the authorities have also “applied control focused on ML/FT risks to reporting entities and imposed effective, proportionate and dissuasive sanctions”.
“The competent authorities have published guidelines and provided training to reporting entities”, we can still read in the 2023 GIABA report, according to which a register of “beneficial owners has been set up to record and maintain complete information and updated on the beneficial owners of legal entities and legal arrangements”.
Senegal has also put in place a system relating to collaborative financing companies, adds the report, before noting that “the monitoring and control of non-profit organizations (NPOs) based on risk have [aussi] begin”.
CS/SBS/OID/BK
#Senegal
