Financial Crime Investigation Techniques Underway in The Gambia
A five-day training program aimed at equipping officials with financial crime investigation techniques has kicked off at a local hotel in Kotu, The Gambia. The initiative, led by the West African Institute for Financial and Economic Management (WAIFEM), aims to combat money laundering, combating financing of terrorism, and other economic crimes.
Training Program Objectives
The training program will cover various topics including:
- Anti-money laundering compliance systems
- Risk-based approach to implementing anti-money laundering and combating financing of terrorism programs
- Investigative techniques
According to Amadou S. Koora, Director General of WAIFEM, money laundering and other financial crimes pose a significant threat to the integrity of financial systems and national security.
Threats to Financial Systems
“The West African region is not immune to these threats, with various criminal networks exploiting financial systems to launder illicit gains and finance terrorism,” Koora said. He emphasized the need for concerted effort from all stakeholders to address the growing threat of financial crimes in the region.
Growth of Organized Crime
Representing the Governor of Central Bank of The Gambia, Baboucarr Cham, Director of Human Resources at the bank, highlighted the alarming growth of organized crime and its negative impact on financial systems. “As regulators, policymakers, and enforcers, we must resolve to counter these threats by continuously enhancing our knowledge and skills to effectively combat all forms of financial crimes,” he said.
Consequences of Money Laundering
Experts at the program have warned that money laundering has far-reaching adverse consequences on the integrity and soundness of financial systems as well as the broader economy. “It can distort economic stability, create unfair competition, undermine investor confidence, and have adverse macroeconomic consequences such as massive funds flow and capital flight,” said Cham.
Expected Outcomes
The training program is expected to equip participants with the necessary skills to effectively combat financial crimes in The Gambia and contribute to regional efforts to prevent money laundering and terrorism financing.