Financial Crimes Definition in Gambia: FIU Organises Training for Financial Institutions

The Financial Intelligence Unit (FIU) of The Gambia recently organized a training session for financial institutions in the country, with support from the “Strengthening Anti-Money Laundering Capacities in West Africa” project, funded by the European Union and collaborated with IN.

Defining Money Laundering

As part of efforts to combat financial crimes, the FIU defined money laundering as the processing of criminal proceeds to disguise their illegal origin. This process is crucial, enabling criminals to enjoy profits without jeopardizing their source.

Illicit Activities and Profits

Illegal activities such as:

Arms sales
Smuggling
Organized crime
Embezzlement
Insider trading
Bribery
Computer fraud schemes

can generate huge profits, prompting individuals or groups to “legitimize” ill-gotten gains through money laundering.

Methods Used by Criminals

Criminals use various methods to disguise the sources of funds, change their form, or move them to avoid attention. These methods include:

Disguising the sources of funds
Changing the form of funds
Moving funds to avoid detection

Importance of Financial Institutions in Detection and Reporting

The FIU has emphasized the importance of financial institutions in detecting and reporting suspicious transactions to prevent money laundering and other financial crimes.

By participating in this training session, financial institutions in The Gambia can improve their understanding of money laundering and other financial crimes, enabling them to play a crucial role in preventing such illegal activities.