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Senegal was recently removed from the grey list of the Financial Action Task Force (FATF), an international organisation responsible for monitoring money laundering, terrorist financing and the proliferation of weapons of mass destruction. Placed under enhanced scrutiny in 2021, Senegal was one of the countries with strategic deficiencies in these areas. This withdrawal marks a significant step forward in the country’s efforts to strengthen its legislative and institutional framework in line with international standards.
A stronger national commitment
Since being placed on the grey list, Senegal has worked closely with the FATF to implement strategic reforms. Key measures include the creation and reform of the Cellule Nationale de Traitement des Informations Financières (CENTIF), initially established by Decree No. 2004-1150 and reorganised by Decree No. 2019-1498, which clarified and strengthened its missions.
In February 2024, the entry into force of the new law on the fight against money laundering, terrorist financing and the proliferation of weapons of mass destruction (‘BCL/FT/PADM Law’) marked a major step forward. This legislation introduces a number of innovations, including
- A regional risk assessment system, developed in coordination with the CENTIF networks of WAEMU Member States.
- An inclusive mechanism for carrying out and disseminating national risk assessments, aimed at strengthening transparency and technical cooperation at regional level.
These initiatives reflect Senegal’s determination to adopt a proactive and integrated approach to comply with international and regional standards.
An essential regional dynamic
Although Senegal has made significant progress, the situation remains mixed within the WAEMU, with some Member States on the grey list, underlining the challenges faced by these Member States in harmonising their legal and institutional frameworks. This highlights the importance of enhanced regional cooperation in an integrated economic area where the free movement of capital is a key objective.
To strengthen collective financial security, concerted efforts must be made to fill persistent legislative gaps. Coordination within the WAEMU, notably through mechanisms such as the CENTIF network, is crucial to establishing sound and harmonised financial policies.
Opportunities and challenges
Senegal’s removal from the FATF’s grey list marks an important milestone in the strengthening of its system for combating money laundering and the financing of terrorism. This success sends a positive signal to investors and economic partners, consolidating Senegal’s reputation as a reliable financial destination.
However, regional economic integration requires the country to continue its efforts in cooperation with other WAEMU members to fill the remaining legislative and institutional gaps. The success of this objective depends on a harmonised approach and aligned financial policies, both at national and community level. The challenge is therefore to maintain this momentum while actively participating in the construction of a coherent and effective regional framework, which is essential for guaranteeing sustainable financial stability and promoting economic growth throughout the region.