Financial Crime World

Gambia Takes Steps to Combat Financing of Terrorism

The Central Bank of Gambia, led by Governor Mr. Saidy, has emphasized the importance of continuous knowledge enhancement and skill upgrade for regulators, policymakers, and enforcers to effectively combat financial crimes, particularly money laundering and terrorism financing.

Combating Financial Crimes

Mr. Saidy highlighted the alarming growth of organized crime and its negative impact on financial systems. He stressed that criminals employ increasingly sophisticated methods to exploit vulnerabilities, making it crucial for regulators and law enforcement agencies to upgrade their knowledge and skills to counter these threats effectively.

Consequences of Money Laundering

The Governor noted the far-reaching adverse consequences of money laundering on the integrity and soundness of financial systems, as well as the broader economy. He emphasized that money laundering can:

  • Distort economic stability
  • Create unfair competition
  • Undermine investor confidence
  • Have adverse macroeconomic consequences such as massive funds flow in and out of the country

Gambia’s Progress in Combating Money Laundering and Terrorism Financing

In June 2022, Gambia published its Second Round Mutual Evaluation Report, which identified several priority and recommended actions for Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) implementation. In response, The Gambia has:

  • Commenced work on priority areas, including the amendment of the current AML/CFT Act 2012
  • Initiated a new AML/CFT legislation, with a validated bill in 2024 that aims to repeal the current Act and address most deficiencies highlighted in the second round mutual evaluation report

Strengthening Gambia’s Anti-Money Laundering and Combating Financing of Terrorism Regime

The Central Bank has established an AML/CFT unit under the Banking Services Department and is working closely with the Financial Intelligence Unit (FIU) to conduct on-site examinations on financial institutions. The ultimate goal is to ensure that the FIU eventually relinquishes AML/CFT supervision of financial institutions to the CBG, thereby strengthening Gambia’s Anti-Money Laundering and Combating Financing of Terrorism regime and enhancing its ability to combat these threats effectively.