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Financial Crime Definition in The Gambia: Understanding Money Laundering

In a bid to enhance its efforts in combating financial crime, the Financial Intelligence Unit (FIU) of the Gambia has organized a training session for financial institutions under the “Strengthening Anti-Money Laundering Capacities in West Africa” project. This initiative is funded by the European Union and aims to equip Gambian financial institutions with the necessary skills to detect and prevent money laundering.

What is Money Laundering?

Money laundering is the process of disguising the source of illegal funds generated through criminal activities such as:

Illegal arms sales
Smuggling
Organized crime
Drug trafficking
Prostitution rings
Embezzlement
Insider trading
Bribery and computer fraud schemes

These criminals seek to “legitimize” their ill-gotten gains by:

Concealing the origin of the funds
Changing its form or relocating it to a place where it is less likely to attract attention

FIU’s Training Session

The FIU’s training session aimed to educate financial institutions on the importance of identifying and reporting suspicious transactions that may be linked to money laundering. The unit also provided guidance on:

Monitoring and Controlling Cash Transactions

How to identify and report suspicious cash transactions
Best practices for monitoring and controlling cash flows

Combating Financial Crime with Technology

The use of technology in detecting and preventing financial crime
Strategies for utilizing technology to monitor and control financial transactions

By understanding money laundering and its implications, Gambian financial institutions can better equip themselves to combat this type of financial crime.