Financial Crime World

Gambia Takes Major Step Forward in AML/CFT Regime with New Bill

The Gambia has made significant progress towards strengthening its Anti-Money Laundering, Combating Terrorist Financing, and Proliferation Financing (AML/CFT/PF) regime with the publication of the draft AML/CFT Bill 2024. The Financial Intelligence Unit recently held a stakeholder workshop to validate the bill, which aims to address technical compliance deficiencies identified in the country’s AML/CFT legal framework.

Strengthening Financial Resilience

According to Alhagie Darbor, Director of the Financial Intelligence Unit, “The Gambia’s commitment to combating money laundering and terrorist financing remains unwavering.” The bill is not just a response to external scrutiny but a proactive step towards strengthening financial resilience and complying with international standards.

Importance of Robust AML/CFT Measures

Siaka Bah, representative of the Central Bank of The Gambia, emphasized the importance of implementing robust AML/CFT measures to ensure investor confidence and become a recognized International Financial Centre. He warned that the threat of money laundering and terrorist financing remains pervasive, undermining the integrity of the financial system and posing significant reputation risks.

Call to Action

Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, called on all stakeholder institutions to commit fully to implementing the legislation when it is enacted. “It is imperative that these authorities make the best use of these provisions to enhance collective efforts in combating money laundering and terrorist financing,” she said.

Key Provisions

The draft bill provides a clearer definition of Politically Exposed Persons (PEPs) in line with FATF Recommendation 12, and its effective implementation will consolidate The Gambia’s AML/CFT regime. With the country’s commitment to combating financial crime unwavering, stakeholders are optimistic that this new bill will lead to a safer, more transparent, and more prosperous Gambia.

  • Provides a clearer definition of Politically Exposed Persons (PEPs) in line with FATF Recommendation 12
  • Consolidates The Gambia’s AML/CFT regime
  • Enhances collective efforts in combating money laundering and terrorist financing