Financial Crime World

Financial Fraud on the Rise in The Gambia: FIU Director Warns of Rampant Scams Amid COVID-19 Pandemic

The director of the Financial Intelligence Unit (FIU) in The Gambia has sounded the alarm about a surge in financial crimes, particularly fraud, in the country. Speaking at a regional financial intelligence analysis course for five member states of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), the FIU chief revealed that his unit had received reports of numerous financial crimes.

Financial Crimes on the Rise

According to the director, fraud accounted for a significant percentage of the financial crimes reported in 2020. Out of all money laundering cases, 56% were attributed to this type of offence. The FIU received a total of 47 transaction reports last year, with six international information requests sent and 42 domestic information requests received.

The director warned of emerging trends in financial fraud, including:

  • Bogus Covid-19 Medication: Scammers are using the pandemic as an opportunity to sell fake COVID-19 medication.
  • Counterfeit Personal Protection Equipment: Criminals are producing and selling counterfeit personal protection equipment, such as masks and gloves.
  • Online Scams: Fraudsters are taking advantage of the pandemic to launch online scams, targeting unsuspecting victims.

The Need for Vigilance

The FIU director urged financial intelligence units to be more vigilant in detecting and preventing these crimes. He emphasized that some individuals are using the pandemic as a cover for their illegal activities, and it is crucial that law enforcement agencies remain proactive in combating financial fraud.

A Significant Success Story

In a major success story, the FIU director revealed that his unit had convicted a money laundering case involving 60 million dalasis. The funds were forfeited to the state, dealing a significant blow to organized crime and demonstrating the effectiveness of the FIU in combating financial fraud.

Overall, the increasing trend of financial fraud in The Gambia highlights the need for continued vigilance and cooperation among law enforcement agencies, financial institutions, and the public to prevent and combat these crimes.