Financial Crime World

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Gambia’s Financial Regulatory Bodies Crack Down on Crimes

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In its latest report, the Financial Action Task Force (FATF) has commended Gambia for its efforts to combat financial crimes. The West African country has made significant progress in implementing the technical requirements of the FATF Recommendations.

Progress and Challenges

According to the report, Gambia has been rated “largely compliant” in several areas, including:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)

The country has also made notable progress in:

  • Confiscation and provisional measures (R.4)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)

However, Gambia still faces challenges in certain areas, including:

  • Non-profit organisations (R.8)
  • Financial institution secrecy laws (R.9)
  • Transparency and beneficial ownership of legal persons and arrangements (R.24)

The country also received a “partially compliant” rating for its measures against:

  • Terrorist financing offence (R.5)
  • Confiscation and provisional measures (R.4)

Areas for Improvement

The FATF report highlighted several areas where Gambia needs to improve, including:

  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Internal controls and foreign branches and subsidiaries (R.18)

The country also needs to strengthen its regulation and supervision of financial institutions (R.26) and DNFBPs (R.28).

Commitment to Improvement

Despite these challenges, Gambia’s efforts to combat financial crimes are commendable. The country has made significant progress in implementing the FATF Recommendations, and it is committed to continued improvement.

In a statement, the Governor of the Central Bank of Gambia praised the country’s financial regulatory bodies for their hard work and dedication. “We are committed to ensuring that our financial system is transparent, accountable, and free from criminal activity,” he said. “We will continue to work tirelessly to improve our regulations and supervision to prevent financial crimes.”

Conclusion

The FATF report is a welcome development for Gambia, which has faced challenges in the past in its efforts to combat financial crimes. The country’s progress in implementing the FATF Recommendations is a testament to its commitment to fighting financial crime and protecting its financial system.

Gambia’s financial regulatory bodies have demonstrated their dedication to combating financial crimes, and the country’s progress is a step towards achieving this goal.