Sudan is out from the list of the ten most dangerous countries in the field of money laundering in the world, according to the Basel Index of 2017.
A delegation from the International Monetary Fund is to develop the system of combating money laundering and financing terrorism arrived in Khartoum.
Sudan’s exit from the list of countries with a high risk of money laundering coincided with the start of this month in the implementation of a strategy to combat corruption in government companies and institutions, with readiness for the lifting of the total economic sanctions expected on October 12.
The United States requires for the lifting of all sanctions to be Sudan qualified for exchange the trade and financial, free of files from international rankings on lists such as money laundering and others, which do not keep pace with the policies of the modern world in transparency and the fight against corruption.
In this regard, the US Chamber of Commerce identified a requirement for Sudanese companies wishing to deal with US and international companies after the lifting of sanctions to be equipped with anticorruption programs within their sectors and among their employees.
So that its companies are ready to prepare an anticorruption management system that reduces risk and prevents fraud.
Sudan launched a strategic program to this purpose to aim enable of the private sector to qualify its graduates to manage and learn modern global systems in anti-corruption policies and procedures and to learn about the management programs used by the companies around the world to assess internal fraud, corruption risks and external fraud.
Director General of the Unit of Money Laundering and Financing of Terrorism in Sudan Haider Abbas Abu Sham, in an interview with Asharq AlAwsat yesterday, the Sudan has achieved great progress since it started the programs and implementation of anti money laundering policies according to the classifications and index (Basel) Laundering in 2017.
He added that his country exited from the list of top ten in the country’s most risk in money laundering, and now ranks 29 globally.
He explained that the Sudan’s new classification does not support the assessment by countries of the volume of illegal proceeds from original crimes, money-laundering and terrorist financing crimes, but it measures the evolution of the system as a whole.
Abu Sham added there are criteria for each risk assessment institution.
The FATF financial action task force takes into account the 40 AML / CFT Recommendations, while the Basel Group takes into account compliance with FATF standards, in addition to combating corruption, transparency and the rule of law, and applying its recommendations. It also relies on 14 indicators to be incorporated into compliance with financial standards, transparency and the rule of law.
Abu Sham revealed to Asharq AlAwsat that there is a slow pace among the Sudanese banks to implement the Basel standards, which requires Sudanese banks to seek a rating by global credit rating institutions by applying the Basel standards, Risk exposure, such as financing, operating, liquidity, strategic and other risks.
Hider pledged to improve Sudan’s money laundering rating for next year, with banks’ application and commitment to implement tow Basel and three recommendations.
For his visit the International Monetary Fund (IMF) mission to Khartoum these days, the 10 of the Sudan under the technical support framework of the donor fund and the grants IFAD including experts from Australia, Ireland, Canada and Lebanon, and explained that the mission targeted the Central Bank of Sudan, the Financial Information Unit, And financing of terrorism.
The IMF’s keeping 10 day IMF Money Laundering Program includes training and capacity building, the development of strategic analysis, the updating of guidelines and regulations governing the work of the Money Laundering Unit, the follow up to the stages of the national risk assessment along with the updating of regulations and publications issued from the Bank of Sudan.
The mission’s programs also include capacity building of the banking supervision staff in Sudanese banks, and developing control mechanisms by focusing on risk-based supervision, updating the National Committee’s work list, and reviewing the work of the subcommittees and assessing the national risks.
Abu sham pointed out that the donors’ fund allocated $ 500,000 to Sudan for this purpose for two years; there is excellent communication with the international institutions, which supported the money laundering unit with $ 400,000, and in the past years has provided much assistance in the field of legislation and training.
Sudan has established a central bank unit in 2003. It is concerned with the fight against money laundering and the financing of terrorism. The unit received suspicious reports from the concerned authorities and the public.
It started monitoring 50 cases and then rose to 80 cases, reaching 130 cases from banks, securities, and the Khartoum Stock Exchange. A large number of them were transferred after investigation and monitoring to the judicial authorities and a unit within the Central Bank of Sudan.
The unit was then restructured in preparation for the second round of the Sudan evaluation, and which it was removed from the list of the 10 most dangerous countries in money laundering.
In accordance in the last decision, Sudan has also been able to agree of update reports every two years rather than regular follow up reports.
Sudan has become more committed than some Arab and African countries within the Middle East and North Africa Financial Action Task Force.