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The Sentry: 'Sudan must prioritise banking reform'

October 11 - 2021 NEW YORK
File photo
File photo

For decades, Sudan—while under the rule of former dictator Omar al-Bashir—suffered from economic mismanagement and corruption. Since the overthrow of the former regime in 2019, the transitional government has yet to transparently address the country’s inherited issues in the banking and financial sectors. The latest briefing, from The Sentry published last week, asserts that in order to rebuild the country’s economy, mitigate risks, and encourage foreign investment, banking reform must be prioritised.

Sudan Banking Sector Reforms and Asset Recovery,” by The Sentry’s Senior Advisor Oliver Windridge, offers recommendations for how Sudan can begin to engage in transparent, democratic, and innovative economic rebuilding, and also outlines key reforms that must be adopted. Although Sudan’s transitional government has taken important first steps to improve the country’s basic anti-money laundering and countering the financing of terrorism (AML/CFT) regime, progress has been slow. Entrenched corruption and opacity remain, reducing confidence in Sudan’s economy and hindering foreign investment. The briefing offers concrete steps that can be taken, including asset recovery, increased transparency, and stronger enforcement of existing laws and policies. Sudan, the United States, the United Kingdom, and other international stakeholders all have a role to play in supporting Sudan’s recovery and promoting economic opportunities for its citizens.

Read the full briefing here

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