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GIABA and Gambia Financial Intelligence Unit Collaborate to Combat Money Laundering and Terrorism Financing
In a significant move to combat financial crimes in The Gambia, the Inter-Governmental Action Group Against Money Launderling in West Africa (GIABA) has collaborated with the Gambia Financial Intelligence Unit (GFIU) to develop anti-money laundering and counter-terrorism financing strategies.
Combating Financial Crimes
The initiative aims to prevent or frustrate the efforts of money launderers and other financial criminals operating in the country. Speaking at a national workshop on developing an Anti-Money Laundering and Combating Terrorism Financing Strategy for The Gambia, Yahya Camara, Director of the GFIU, expressed gratitude to GIABA for providing technical assistance to the country.
Progress and Challenges
Despite progress made in addressing some deficiencies in the country’s Anti-Money Laundering and Combating Terrorism Financing Framework, key challenges remain outstanding. These include:
- Non-ratification of international conventions against terrorism financing and corruption
- Exclusion of cash transaction reporting from anti-money laundering and combating terrorism financing laws
- Inadequate supervision of designated non-financial businesses and professions
Workshop Objectives
The workshop aims to formulate strategies to address these deficiencies and strengthen the country’s ability to combat financial crimes. According to Camara, the fight against financial crimes has received the highest political support and commitment in The Gambia, with President Sheikh Professor Alhaji Doctor Yahya AJ Jammeh directing that all deficiencies be rectified.
Importance of Anti-Money Laundering and Combating Terrorism Financing
The development of a robust anti-money laundering and combating terrorism financing regime is seen as crucial in reinforcing peace and stability in The Gambia, which has been characterized by its tourism slogan “The Smiling Coast”.