Gambian Authorities Collaborate to Prevent Financial Crimes
The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the Gambian Financial Intelligence Unit have joined forces to combat financial crimes in The Gambia. A national workshop was held recently at the Kairaba Beach in Senegambia, bringing together stakeholders from various sectors to develop an anti-money laundering and combating of terrorism financing strategy for the country.
National Anti-Money Laundering and Terrorism Financing Strategy
According to Yahya Camara, Director of the Gambian Financial Intelligence Unit (GFIU), the National Anti-Money Laundering and Terrorism Financing Strategy is a critical document that will help identify strategic and specific objectives and action plans to achieve them. He commended GIABA for providing technical assistance to The Gambia, which has benefited from series of trainings funded by the organization.
Mutual Evaluation Exercise
GIABA conducted a mutual evaluation exercise on The Gambia in 2008 to assess its compliance with international standards to combat money laundering and terrorist financing. While the country has made significant progress since then, there are still key deficiencies that need to be addressed. These include:
- Non-ratification of several international conventions
- Lack of national regulation for implementing UN Security Council resolutions
- Inadequate AML/CFT training for bank staff
- Low levels of STR reporting
Workshop Objectives
The workshop aimed to formulate strategies to rectify these outstanding deficiencies. The Director of GFIU emphasized that the fight against financial crimes has received high-level political support and commitment in The Gambia, with the President directing all deficiencies in the country’s AML/CFT framework be addressed.
Implementation Plan
The Gambian authorities are determined to implement a robust anti-money laundering and combating of terrorism financing regime, which is essential for achieving peace and stability in the country. With the support of relevant authorities, the Director of GFIU promised to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012.
Conclusion
The success of this endeavor will reinforce The Gambia’s position as a stable and peaceful nation, known as the “SMILING COAST”. With the collaboration of GIABA and the Gambian Financial Intelligence Unit, the country is taking significant steps to prevent financial crimes and achieve peace and stability.