Senegal Country Summary

FATF Status

Senegal is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Senegal was undertaken in 2024. According to that Evaluation, Senegal was deemed Compliant for 11 and Largely Compliant for 25 of the FATF 40 Recommendations. It remains Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Senegal has made significant strides in its anti-corruption efforts, evidenced by the establishment of specialized institutions and reforms aimed at enhancing governance and transparency. However, the country continues to grapple with various forms of organized crime, including drug trafficking, human trafficking, and cybercrime, while facing challenges such as political instability and corruption among high-level officials that undermine accountability and effective law enforcement.

Senegal presents a stable and attractive investment climate in a region often marked by volatility, with the current administration focused on enhancing job creation and reducing living costs through its Vision Senegal 2050 agenda. The government actively encourages foreign investment by reforming tax, customs, and investment codes, while also improving infrastructure and digital services to facilitate business operations. However, challenges such as bureaucratic hurdles, unpredictable tax administration, and a rigid labor market persist, alongside high unemployment rates, particularly among the youth, which necessitate ongoing reforms to bolster the economy and attract sustainable investment.