Senegal's measures to combat money laundering and the financing of terrorism and proliferation

Publication details

Language

English

Country

Senegal

GIABA Mutual Evaluation Report Senegal-2018

Filename
GIABA-Mutual-Evaluation-Senegal-2018.pdf
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2 MB
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application/pdf
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This report by the Inter Governmental Action Group against Money Laundering in West Africa (GIABA)  provides a summary of the AML/CFT measures in place in Senegal as at the date of the on-site visit (18 September to 4 October 2017). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Senegal's AML/CFT system, and provides recommendations on how the system could be strengthened. 

This Mutual Evaluation Report was adopted by the GIABA at its May 2018 Plenary meeting and the findings of the assessment have also been reviewed and endorsed by the FATF.   

Please refer to the Executive Summary of the report for the Key Findings and Priority Actions.

GIABA French Mutual Evaluation Senegal-2018

More information: 

The FATF Recommendations

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

 

 

 

 

 

 

 

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Senegal Mutual Evaluation 2018

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
PC
R.5 - Terrorist financing offence
PC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
NC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
PC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
NC
R.13 - Correspondent banking
NC
R.14 - Money or value transfer services
LC
R.15 - New technologies
PC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
PC
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
NC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
NC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
NC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
PC
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
PC
R.35- Sanctions
PC
R.36 - International instruments
PC
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
PC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Senegal Mutual Evaluation 2018

IO1
LE
IO2
LE
IO3
LE
IO4
LE
IO5
LE
IO6
ME
IO7
LE
IO8
LE
IO9
LE
IO10
LE
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness