Financial Fraud: A Growing Concern in The Gambia
The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the Gambia Financial Intelligence Unit have joined forces to combat financial fraud and terrorism financing in the country. This collaboration brings together key stakeholders from various sectors, including:
- Central Bank of The Gambia
- Commercial banks
- Finance ministry
- Interior ministry
- Justice ministry
- Real estate industry
- Gambia Police Force
- Immigration department
- Other relevant entities
Developing an Anti-Money Laundering and Combating of Terrorism Financing Strategy
In a recent speech, Yahya Camara, Director of the Gambia Financial Intelligence Unit (GFIU), emphasized the importance of developing an Anti-Money Laundering and Combating of Terrorism Financing Strategy for The Gambia. He expressed gratitude to GIABA for providing technical assistance to the country, which has enabled The Gambia to benefit from series of trainings and tools to combat money laundering.
Challenges and Deficiencies
Despite progress made so far, there are still key deficiencies that remain outstanding, including:
- Non-ratification of international conventions
- Lack of national regulations
- Inadequate AML/CTF training for bank staff
- Low levels of STR reporting
Government Commitment to Fighting Crimes
The Gambia has been committed to fighting crimes, including illicit drug trafficking, corruption, money laundering, terrorism financing, and other forms of crime. The President of the Republic of The Gambia, His Excellency Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh, has directed that all deficiencies in the AML/CFT framework be rectified.
The Importance of a Robust AML/CTF Regime
As the country strives to achieve the Millennium Development Goals, Vision 2020, and other government development blueprints, a robust AML/CTF regime will reinforce the existing peace and stability characteristic of The Gambia. The Financial Intelligence Unit (FIU) has vowed to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012 with the support of relevant authorities.
Workshop Outcomes
The workshop aimed at formulating strategies to rectify outstanding deficiencies is seen as a crucial step towards ensuring that financial fraud is eradicated in The Gambia. It is hoped that the outcome of this workshop will be a robust AML/CTF regime that will reinforce peace and stability in the country.