Financial Crime World

GAMBIA: Financial Intelligence Unit Validates Anti-Money Laundering Bill to Enhance Financial Resilience

The Financial Intelligence Unit (FIU) of The Gambia has recently hosted a stakeholders’ workshop to validate the draft Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024. The bill is aimed at addressing technical compliance deficiencies in the country’s AML/CFT legal framework identified after the publication of The Gambia’s second-round mutual evaluation report in June 2022.

Key Objectives of the Bill

  • Provides a clearer and more comprehensive definition of Politically Exposed Persons (PEPs) in line with FATF Recommendation 12
  • Strengthens financial resilience by complying with international standards
  • Consolidates The Gambia’s AML/CFT regime

According to Alhagie Darbor, Director of FIU, the bill is a proactive step towards strengthening financial resilience and combating money laundering and terrorist financing. He emphasized that The Gambia remains committed to combating these financial crimes.

Importance of Implementing Robust AML/CFT Measures

  • Strengthens regulatory confidence
  • Achieves recognition as an International Financial Centre
  • Undermines the integrity of the financial system, facilitates corruption, and poses significant reputation risks

Siaka Bah, Representative of the Central Bank of The Gambia (CBG), urged stakeholders to implement robust AML/CFT measures. He emphasized the importance of continued collaboration, transparency, and vigilance in implementing the provisions of the bill.

Call to Action

  • Full commitment to implementing the legislation when enacted
  • Strengthening domestic coordination to facilitate information sharing, streamline enforcement efforts, and contribute to a more robust AML/CFT regime

Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, urged stakeholder institutions to fully commit to implementing the legislation. She emphasized the importance of strengthening domestic coordination to facilitate information sharing and streamline enforcement efforts.

Conclusion

The Gambia’s commitment to combating money laundering and terrorist financing remains unwavering. The Financial Intelligence Unit has validated the draft AML/CFT/PF Bill 2024, which aims to strengthen financial resilience and consolidate The Gambia’s AML/CFT regime. Stakeholders are called upon to fully commit to implementing the legislation and strengthening domestic coordination to combat all forms of financial crimes.