Financial Crime World

Gambian Enforcement Agencies Receive Training on Financial Crimes

A training program is currently underway at a local hotel in Kotu, The Gambia, aimed at equipping participants with the skills and knowledge needed to combat financial crimes, including money laundering and terrorism financing.

Course Objectives

  • Update participants on anti-money laundering (AML) and combating financing of terrorism (CFT)
  • Discuss economic and financial crimes
  • Explore international initiatives for preventing and combating these offenses

Threats to Financial Systems

According to Amadou S. Koora, Director-General of West African Institute for Financial and Economic Management (WAIFEM), money laundering and other financial crimes pose a significant threat to the integrity of financial systems and national security.

Quotes

  • “The West African region is not immune to these threats, with various criminal networks exploiting the financial systems to launder illicit gains and finance terrorism.”
  • “Criminals are employing more sophisticated methods to exploit vulnerabilities in financial systems. Therefore, 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.”

Capacity-Building Intervention

The training is part of WAIFEM’s capacity-building intervention aimed at arming officials from relevant agencies with the competencies needed to combat money laundering in the region.

Gratitude

WAIFEM expressed gratitude to the Governor, management, and staff of the Central Bank of The Gambia for their hospitality and logistical support.

Consequences of Money Laundering

According to Baboucarr Cham, Director of Human Resources at the Central Bank of The Gambia, money laundering has far-reaching adverse consequences on the integrity and soundness of financial systems and the broader economy. These consequences include:

  • Distorting economic stability
  • Misinforming policy decisions
  • Creating unfair competition
  • Undermining investor confidence
  • Having adverse macroeconomic consequences

Closing Remarks

In her vote of thanks, Patricia Adamu, Assistant Director for WAIFEM, expressed gratitude to participants for attending the event, despite their busy schedules.