GAMBIA: Financial Intelligence Unit Organises Training for Financial Institutions Under EU-Funded Project
Strengthening Anti-Money Laundering Capacities in West Africa
The Financial Intelligence Unit (FIU) of The Gambia has organized a training program for financial institutions under the “Strengthening Anti-Money Launderling Capacities in West Africa” project, funded by the European Union and other organizations.
Participants from Various Sectors
The training program, which kicked off on Monday, brought together representatives from various sectors, including:
- Real estate companies
- Precious metals dealers
- Precious stone dealers
- Casinos
- Lawyers
- Notaries
- Accountants
- Trust service providers
- Company service providers
Goal of the Program
The goal of the program is to equip financial institutions with the skills and knowledge needed to effectively identify and report suspicious transactions. The training also aims to sensitize participants on the dangers of money laundering, which is defined as the processing of criminal proceeds to disguise their illegal origin.
Consequences of Money Laundering
Money laundering enables criminals to enjoy profits from illicit activities such as:
- Arms sales
- Smuggling
- Drug trafficking
- Prostitution rings
- Embezzlement
- Insider trading
- Bribery
- Computer fraud schemes
without attracting attention. The training program seeks to empower financial institutions with the tools needed to track and prevent money laundering activities.
Project Objectives
The project aims to improve the ability of West African countries to detect and prevent money laundering, thereby strengthening regional efforts to combat financial crimes.
By equipping financial institutions with the necessary skills and knowledge, this project will help to:
- Improve the ability of financial institutions to identify and report suspicious transactions
- Prevent money laundering activities
- Strengthen regional efforts to combat financial crimes
Overall, this training program is an important step in strengthening anti-money laundering capacities in West Africa and combating financial crimes in the region.