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 faces significant challenges related to crime and corruption, with organized crime, drug trafficking, and human trafficking being prevalent issues. While the government has initiated anti-corruption measures and investigations against public officials, political interests often undermine transparency and accountability, leading to persistent corruption among high-ranking officials.

Senegal presents a promising economic and investment climate characterized by a stable macroeconomic environment, robust GDP growth, and a commitment to enhancing the business landscape for foreign investors. The government actively encourages foreign investment through initiatives like the expansion of Special Economic Zones and the implementation of a Public-Private Partnership law, while also addressing infrastructure improvements and digitalization efforts to streamline business operations. However, challenges such as bureaucratic hurdles, high costs of living, and a rigid labor market persist, alongside a rising public debt that has exceeded the ECOWAS threshold, necessitating ongoing reforms to sustain economic momentum and attract further investment.