Gambian Financial Institutions on High Alert as Trends in Financial Crime Emerge

A recent training session held at a local hotel in Kotu, The Gambia, has highlighted the growing threat of financial crimes in the country. The training, organized by the West African Institute for Financial and Economic Management (WAIFEM), brought together officials from various financial institutions, regulatory bodies, law enforcement agencies, and policymakers to equip them with the necessary skills to combat money laundering and other financial crimes.

The Training Session

The training session focused on anti-money laundering, combating financing of terrorism, economic and financial crimes, international initiatives in prevention and combating money laundering, and risk-based approaches to implementing anti-money laundering and combating financing of terrorism programs. The emphasis was on the significance of these threats to the integrity of financial systems and national security.

Key Takeaways

• Money laundering and other financial crimes are global issues that pose a severe threat to the integrity of financial systems and national security.
• Criminal networks are exploiting financial systems to launder illicit gains and finance terrorism.
• The quantum of financial and economic crimes has increased due to strong mobility of funds and rapid development of new payment technologies.

Call to Action

WAIFEM’s Director General, Amadou S. Koora, called for a concerted effort from all stakeholders to address these challenges. He emphasized that regulators, policymakers, and enforcers must continuously enhance their knowledge and skills to combat all forms of financial crimes effectively.

Quotes

• “Money laundering has far-aching adverse consequences on the integrity and soundness of financial systems as well as the broader economy.” - Amadou S. Koora, WAIFEM’s Director General
• “Criminals are employing more sophisticated methods to exploit vulnerabilities in financial systems. Regulators, policymakers, and enforcers must continuously enhance their knowledge and skills to combat all forms of financial crimes effectively.” - Baboucarr Cham, Governor of Central Bank of The Gambia

Conclusion

The training session concluded with a vote of thanks from Patricia Adamu, Assistant Director for WAIFEM. She expressed gratitude to participants for leaving their busy schedules to attend the event.

Next Steps

• Financial institutions and regulatory bodies must work together to prevent financial crimes and maintain the integrity of financial systems.
• Policymakers and law enforcement agencies must enhance their knowledge and skills to combat all forms of financial crimes effectively.
• The Gambia’s financial sector must continue to adapt to new payment technologies and emerging trends in financial crime.