Criminal Business Law in Senegal: Challenges, Reforms and Defense Strategies

The White collar crime is an essential pillar of economic regulation in Senegal. This legal field, at the crossroads of criminal and commercial law, aims to repress illegal behaviour in the economic sphere while guaranteeing a climate of confidence for investors and companies. In a context marked by the modernization of financial regulations and the emergence of new technological challenges, understanding the specificities of Senegalese business criminal law is crucial to avoid legal risks. This article explores the foundations, recent reforms, and best practices for navigating this complex environment.

I. The Foundations of Business Criminal Law in Senegal

1. Definition and Objectives

Business criminal law refers to all the legal rules that govern and punish offences committed in the context of economic or commercial activities. Unlike general criminal law, it specifically targets actors in the business world (managers, companies, investors) and behaviors likely to upset the economic balance, such as:

• Misuse of company assets (use of a company's resources for personal purposes).
• Insider trading (use of inside information for stock market transactions) .
• Deception and false advertising .
• Money laundering and the Terrorist financing .

Its main objective is to moralize commercial practices while protecting the interests of stakeholders (shareholders, creditors, consumers).

2. Legal Framework and Sources

Senegalese business criminal law is based on:

• The Penal Code and the Commercial Code , which define offences and penalties.
• Sectoral laws , such as the 2025 banking law governing FinTechs and electronic money.
• OHADA standards , which harmonize business law in French-speaking Africa.
• International conventions (e.g. the fight against corruption, aligned with OECD standards).

II. Recent Reforms and Their Implications

1. Modernization of Banking Regulation (2025)

In February 2025, Senegal adopted a New banking law (Bill No. 01/2025) aimed at adapting the financial sector to technological and economic challenges. Among its innovations:

• Supervision of FinTechs : Strict regulation of the activities of fintech companies to ensure the security of transactions.
• Consumer protection : Limitation of bank fees and strengthening of transparency.
• Adoption of Basel II and III standards : Strengthening financial stability and risk management .

These reforms have a direct impact on business criminal law, in particular by broadening the offences related to financial manipulation or electronic fraud.

2. Creation of the Financial Judicial Pool (PJF)

Established in 2023, the Financial Judicial Pool (PJF) is a court specialising in serious economic offences (corruption, embezzlement, money laundering). His skills include:

• One Centralized Authority to investigate financial crimes involving public or private actors.
• Expanded powers to seize cases within 72 hours, reducing the risk of obstruction of justice.

This reform strengthens the repression of white-collar crimes, but raises questions about the balance of powers between ordinary and specialized courts.

III. Common Offences and Their Penalties

1. Misuse of Company Assets

Misuse of company assets occurs when a director uses a company's resources for personal purposes. In Senegal, this offence is severely punished:

• Sanctions : Up to 5 years imprisonment and fines of up to 20 million FCFA.
• Example : A manager who embezzles funds to finance a personal project incurs criminal liability.

2. Insider trading

This offence, punishable by the Financial Markets Code, consists of using confidential information to make stock market gains. Sanctions include:

• Prison sentences (up to 3 years) and fines proportional to the illicit profits.

3. La Corruption

Bribery is the giving or receiving of an undue advantage to influence a person's actions in the performance of his or her duties. It is severely punished by the Senegalese Penal Code, with penalties of up to ten years in prison and substantial fines.

4. Money laundering

With the 2025 law, the vigilance obligations of banks and companies are reinforced. Failure to comply with the procedures for reporting suspicious transactions exposes the public to:

• Fines of up to 100 million CFA francs and the temporary closure of the establishment.

5. Anti-competitive practices

Illegal cartels, abuses of dominant position, and other practices distorting competition are punished in order to preserve a fair market. Companies found guilty face financial penalties and remedial measures.

IV. Defense Strategies and Good Practices

1. Risk Prevention

• Regular legal audits : To verify the compliance of commercial practices with the laws in force.
• Executive Education : Raise awareness of criminal offences and legal obligations (e.g. data protection, financial transparency).

2. Litigation Management

In the event of a lawsuit, an effective defence is based on:

• Evidence analysis : Contest the materiality of the offence (absence of material or intentional element)
• Negotiation of transactions : Use mediation mechanisms to avoid a criminal trial.

3. Collaboration with the Authorities

In the event of a PJF investigation, it is crucial to:

• Cooperating with investigators while protecting the rights of the defence.
• Seek a specialized lawyer to navigate complex procedures.

V. Future Trends and Challenges

1. Digitalization and Cybersecurity

With the rise of FinTech, cybercrime (hacking, electronic fraud) are increasing. The 2025 banking law requires companies to strengthen their security systems.

2. Alignment with International Standards

Senegal continues to modernize its business criminal law to align with the standards of the OHADA and European Union , in particular in the fight against corruption.

In conclusion, business criminal law in Senegal is evolving rapidly, under the effect of legal reforms and contemporary economic issues. For companies and executives, risk prevention and proactive defense are essential to avoid severe penalties.

Our firm , specialising in white collar crime and corporate law , accompanies you in:

1. Regulatory compliance.
2. Defence in the event of litigation.

External Resources:

1. OHADA – Harmonization of Business Law .
2. Banking Law 2025 – Ministry of Finance of Senegal .
3. Banking Commission of Senegal .
4. World Bank – Business Climate Report .
5. Financial Judicial Pool – Judicial Reform .