Risk-Based Approach to AML/CFT in The Gambia Gets Thumbs Up from Global Watchdog

The Financial Action Task Force (FATF), a global standard-setting body, has given a green light to The Gambia’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures. This comprehensive evaluation was conducted using the 2013 Methodology and is based on the 2012 FATF Recommendations.

Assessment Overview

The report summarizes The Gambia’s AML/CFT measures as of the date of the on-site visit, analyzing the country’s level of compliance with the FATF 40 Recommendations. It also assesses the effectiveness of its AML/CFT system and provides recommendations for strengthening it.

Key Findings and Priority Actions

Following a thorough review, the FATF has endorsed the findings of this assessment. The report is now available to the public, with readers invited to refer to the Executive Summary for key findings and priority actions. Some of the key highlights include:

• Compliance with FATF Recommendations: The Gambia’s AML/CFT measures were found to be largely compliant with the FATF 40 Recommendations.
• Effectiveness of AML/CFT System: The system was assessed as being effective in preventing and detecting money laundering and terrorist financing.
• Recommendations for Strengthening: The report provides recommendations for strengthening the AML/CFT system, including enhancing customer due diligence and improving reporting of suspicious transactions.

Conclusion

The FATF’s endorsement of The Gambia’s AML/CFT measures is a significant milestone in the country’s efforts to combat money laundering and terrorist financing. The report’s findings and recommendations provide a roadmap for strengthening the AML/CFT system, ensuring that The Gambia remains committed to international standards and best practices.