Financial Crimes Definition Takes Center Stage in Gambia’s Anti-Money Laundering Efforts

A landmark workshop was held at the Paradise Suites Hotel in Kololi, bringing together key stakeholders to deliberate on the draft Bill aimed at strengthening The Gambia’s anti-money laundering and combating financing of terrorism (AML/CFT) legal framework.

Importance of a Clearer Definition of Politically Exposed Persons (PEPs)

Experts highlighted the importance of a clearer definition of PEPs to mitigate risks associated with this high-risk group. The draft Bill seeks to address technical compliance deficiencies and bring the country’s AML/CFT regime in line with international standards.

Key Aspects of the Draft Bill

• Enhancements to the regulatory framework to address challenges posed by Money or Value Transfer Services (MVTS) and emerging technologies such as Virtual Assets
• Facilitates effective management of risks associated with these sectors and helps comply with FATF Recommendations 14 and 15
• Empowers the Financial Intelligence Unit (FIU) to enforce compliance without the need for a court order, broadening the scope of administrative sanctions

Commitment to Combating Money Laundering and Terrorist Financing

Siaka Bah, representative of the Central Bank of The Gambia (CBG), stressed that combating money laundering and terrorist financing remains a key priority for all stakeholders. He highlighted the importance of strengthening regulatory confidence among investors, as The Gambia aspires to become an international financial center.

Implementation of the Legislation

Amie Khan, representative of the Permanent Secretary at the Ministry of Finance, called on stakeholders to fully commit to implementing the legislation when it is enacted. The draft Anti-Money Laundering and Combating of Terrorist Financing Bill, 2024 includes provisions for domestic coordination and collaboration among Competent Authorities.

Conclusion

As The Gambia moves forward with implementing the Bill, stakeholders are reminded that their expertise and insights are invaluable in fine-tuning the legislation to best serve the nation’s interests. The Permanent Secretary urged participants to remain steadfast in upholding principles of justice, transparency, and integrity, emphasizing that together they can build a future where The Gambia’s financial system serves as a bastion against illicit activities, ensuring prosperity and security for all citizens.

Bullet Points:

• Strengthening domestic coordination will facilitate more efficient information sharing, streamline enforcement efforts, and contribute to a more robust AML/CFT regime
• The draft Bill aims to address technical compliance deficiencies and bring the country’s AML/CFT regime in line with international standards
• Enhancements to the regulatory framework will help mitigate risks associated with PEPs, MVTS, and emerging technologies such as Virtual Assets