Financial Frauds on the Rise in The Gambia: FIU Director Reveals Alarming Trends

The Director of Financial Intelligence Unit (FIU) in The Gambia, Mr. Darboe, has sounded the alarm about a surge in financial crimes in the country. In a recent speech at a Regional Financial Intelligence Analysis Course for Financial Intelligence Units (FIUs), Mr. Darboe revealed that fraud is the most reported offence in 2020.

Financial Crimes on the Rise

According to Mr. Darboe, his unit received a total of 47 transaction reports in 2020, out of which:

42 were domestic information requests
1 was international
Fraud accounted for 56% of all financial crimes reported

One notable case involved $60 million being laundered through The Gambia and subsequently forfeited to the state after conviction of money laundering.

COVID-19 Pandemic Used as a Lever for Financial Crimes

Mr. Darboe warned that the COVID-19 pandemic has been exploited by criminals to commit financial crimes, including:

Counterfeit personal protection equipment (PPE)
Bogus COVID-19 medication
Online fraud

He urged Financial Intelligence Units (FIUs) to remain vigilant in identifying and reporting such cases.

Economic Challenges and Threats to Stability

The Gambia is currently facing economic challenges, including high unemployment rates and a struggling economy. The rise in financial crimes poses a significant threat to the country’s economic stability and security.

Conclusion

In light of these alarming trends, it is essential for Financial Intelligence Units (FIUs) to work together to combat financial crimes and protect the integrity of the financial system. Mr. Darboe’s revelations serve as a warning to individuals and institutions in The Gambia to remain vigilant and take proactive measures to prevent and detect financial fraud.