CBS Amend Counter-Terrorism Financing Regulations

Sudanhorizon – Hala Hamza
The Central Bank of Sudan (CBS) has issued an update to its regulations for combating money laundering, terrorism financing, and the proliferation of weapons. This update is based on relevant local laws, the Financial Action Task Force (FATF) recommendations and updates, and international best practices and standards. It also aligns with the Central Bank’s strategic direction towards reforming and restructuring the banking sector, thereby strengthening and enhancing the efficiency of banks and non-bank financial institutions. This is done in conjunction with supporting financial inclusion policies, expanding access to banking services, and promoting a risk-based approach.
The circular reflects the Central Bank’s commitment to keeping pace with developments at both the local and international levels, enhancing the soundness of the banking system, and mitigating risks associated with illicit financial activities. This, in turn, strengthens confidence in the financial sector, contributes to economic stability, and affirms the implementation of all obligations related to international efforts to combat terrorism and the proliferation of weapons, while safeguarding the country’s sovereignty and domestic laws.
The CBS affirmed its commitment to continue developing the supervisory and regulatory framework, in order to enhance the efficiency of banking performance and maintain a balance between expanding financial services and managing risks.

Shortlink: https://sudanhorizon.com/?p=13496