Cabinet d'Avocats Houda";

On 2 February 2024, the Senegalese National Assembly adopted Bill 02/2024 on the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction (AML/CFT/FP).

This new law aims to remedy the shortcomings identified in the application of the Uniform Act containing Directive No. 02/2015/Cm/UEMOA on the fight against money laundering and the financing of terrorism (AML/CFT), transposed through Act No. 2018-03 of 23 February 2018 on AML/CFT.

With the aim of aligning with international standards in terms of technical compliance and efficiency, the new law introduces a number of innovations in response to the Gafi recommendations, including in particular:

  • The adoption of a risk-based approach to make better use of resources; The strengthening and application of preventive measures by the competent authorities, companies and designated non-financial professions;
  • Setting up an inclusive mechanism for carrying out and disseminating national risk assessments, with the establishment of a regional risk assessment mechanism with the UEMOA Centif network (Recen-Uemoa);
  • Extending the scope of the law to virtual asset service providers (Psav); Confirmation of the autonomous nature of the offence of money laundering;
  • Revising the criminalisation of the financing of terrorism, including in particular the financing of travel by persons linked to terrorist activity;
  • Clarification of the criminalisation of the financing of the proliferation of weapons of mass destruction, including the implementation of targeted financial sanctions;
  • Recommending the designation of a national structure responsible for the management and recovery of frozen, seized or confiscated criminal assets.

Together, these specific features aim to strengthen financial security and protect the integrity of the financial system of the eight WAEMU member countries against cross-border criminal activity.

The new law repeals previous provisions once it has been promulgated and published in the Official Journal. Implementing regulations and guidelines will specify its application.