Fight against money laundering and terrorist financing: Senegal leaves the FATF gray list – Lequotidien

Fight against money laundering and terrorist financing: Senegal leaves the FATF gray list – Lequotidien
Fight against money laundering and terrorist financing: Senegal leaves the FATF gray list – Lequotidien

Thanks to reforms undertaken to improve shortcomings in the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, Senegal has left the FATF “grey list”. This news will further improve the country’s reputation to attract more investors.

By Bocar SAKHO – This is good news for the authorities: Senegal has come off the gray list of the Financial Action Task Force (FATF) responsible for preserving the integrity of the international financial system. The organization leads the global effort to combat money laundering and the financing of terrorism (Lbc/Ft). This information was revealed yesterday by Idrissa Ouattara, research assistant at the Intergovernmental Action Group against Money Laundering in West Africa (Giaba), on the sidelines of a seminar on the conference of ambassadors of member states of ECOWAS.

For Dakar, the impact will be positive, particularly for the attraction of investments. Because improving the business environment is an essential input to attracting investor capital. During its May mission to Dakar, the International Monetary Fund (IMF) assured that “the authorities are progressing in measures aimed at removing Senegal from the gray list of the Financial Action Task Force (FATF)”. You should know that Senegal has undertaken reforms in recent years to improve the country’s business environment and move the country out of this ranking. Last February, the National Assembly adopted bill No. 02/2024 relating to the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction to compensate for the inadequacies noted during the years of application of the uniform law relating to directive n°02/2015/Cm/UEMOA relating to the fight against money laundering and the financing of terrorism (Lbc/Ft), transposed through law n°2018-03 of 23 February 2018 relating to the Lbc/Ft.

This new text provided for “the establishment of a regional risk assessment system in relation to the Uemoa Centif network (Recen-Uemoa), as well as the establishment of an inclusive mechanism for carrying out and dissemination of the national risk assessment, in accordance with FATF recommendation 1. Without forgetting “the expansion of the scope of application of the law to Virtual Asset Service Providers (PSAVs), in accordance with FATF recommendation 15, the affirmation of the autonomous nature of the money laundering offense, in phase with recommendation 3 of the FATF, the revision of the criminalization of the financing of terrorism, in particular by including the financing of travel of people linked to terrorist activity. Other changes that this law has brought are “the precision of the criminalization of the financing of the proliferation of weapons of mass destruction, including the implementation of targeted financial sanctions, in accordance with recommendation 7 of the FATF”.

This new legal instrument also aims to “strengthen the provisions relating to targeted financial sanctions and recommend the designation of a national structure responsible for the management of frozen, seized or confiscated criminal assets and their recovery, to ensure compliance with the recommendations 6 and 7 of the FATF…” And the reform has borne fruit…

You should know that the FATF identifies jurisdictions that present vulnerabilities in order to protect the international financial system: jurisdictions under surveillance (gray list) and high-risk jurisdictions (black list).
Obviously, the structure does not apply any official sanction to the countries registered on its gray list. But, presence on this list leads to “negative effects on the economy and reputation, which can impact the financial sector, international financing and aid”.
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