Financial Crime World

Financial Fraud on the Rise in The Gambia: GRA and FIU Sign MoU to Combat Menace

The Gambia Revenue Authority (GRA) and the Financial Intelligence Unit (FIU) of The Gambia have signed a Memorandum of Understanding (MoU) aimed at combating tax evasion and fraud, which has been deemed detrimental to the country’s economic, fiscal, and social interests.

Strengthening Cooperation

The move is expected to strengthen cooperation between the two institutions through the sharing of information, experiences, and initiatives. The MoU was signed in a bid to promote the goals, objectives, and mandates of both parties, as well as protect the economic interest of The Gambia by sharing information relating to taxpayers and persons benefiting from the proceeds of crimes.

Mandates and Responsibilities

  • FIU: Established under section 3 of the Anti-Money Laundering and Combating of Terrorist Financing Act, 2021, with a mandate to:
    • Identify proceeds of criminal conduct
    • Combat money laundering, terrorist financing, and proliferation financing
  • GRA: Statutory body established by the Gambia Revenue Authority Act, 2004, with responsibility for:
    • Assessing, levying, charging, and collecting taxes and duties on behalf of the government

Cooperation Agreement

The two institutions have agreed to cooperate in providing assistance through the exchange of information relevant to their mandates. The MoU outlines specific areas of cooperation, including:

  • Information Exchange: The GRA will provide information foreseeably relevant to the determination, assessment, and collection of taxes, as well as information on cross-border currency transactions, bearer negotiable instruments, and declaration reports for both inbound and outbound transactions.
  • Data Sharing: The FIU will share data relevant to the analysis of tax and related crimes, conduct typologies on emerging trends and methods of tax evasion, and provide information relevant to Gambia follow-up reports to be filed with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

Commitment to Combating Tax Fraud

Directors General of both institutions expressed appreciation for complementing each other’s efforts to boost revenue collection and performance for national development. They also reaffirmed their commitment to ensuring zero tolerance for tax fraud and other forms of tax evasion.

Implementation and Impact

The MoU is expected to be implemented to the letter, with both parties committing to fostering their efforts in information-sharing on revenue generation. The move is seen as a crucial step in combating financial fraud and promoting transparency in taxation in The Gambia.

By signing this MoU, the GRA and FIU have demonstrated their commitment to working together to protect the economic interest of The Gambia and combat financial fraud. This collaboration will undoubtedly lead to improved revenue collection and enhanced transparency in taxation, ultimately contributing to national development.