Gambia’s Anti-Money Laundering and Combating the Financing of Terrorism Efforts Need Improvement
The Gambia has made some progress in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, but significant improvements are needed to effectively prevent and detect financial crimes.
Assessment Findings
A recent assessment found that while The Gambia has implemented an AML/CFT system, it is only effective to a limited extent. The country’s understanding of money laundering and terrorist financing risks is limited, and there are gaps in the criminalization of predicate offences, confiscation of assets, and international cooperation.
Technical Compliance Shortcomings
The assessment identified several technical compliance shortcomings, including:
- Lack of comprehensive procedures for tracing and freezing terrorist funds
- Inadequate regulation and supervision of designated non-financial businesses and professions (DNFBPs)
- Insufficient transparency of beneficial ownership of legal persons and arrangements
Domestic Money Laundering Threats
The Gambia’s authorities have identified fraud, drug trafficking, theft/stealing or robbery, bribery and corruption as the main domestic money laundering threats. However, their understanding of these risks is limited.
National Counter-Terrorism Strategy
The country also lacks a national counter-terrorism strategy that incorporates CFT.
Private Sector Alignment
Some private sector institutions are beginning to align their objectives and activities with national ML/TF risks, but more needs to be done to improve coordination and cooperation among authorities on AML/CFT policy and operational matters.
Key Recommendations
To address these issues, The Gambia’s authorities need to:
- Strengthen the criminalization of predicate offences, including migrant smuggling and weapons trafficking
- Improve confiscation of assets related to money laundering and terrorist financing
- Enhance international cooperation on AML/CFT matters
- Regulate and supervise DNFBPs effectively
- Implement comprehensive procedures for tracing and freezing terrorist funds
- Improve transparency of beneficial ownership of legal persons and arrangements
- Develop a national counter-terrorism strategy that incorporates CFT
Conclusion
By addressing these issues, The Gambia can improve its ability to prevent and detect financial crimes and protect its financial system from abuse.