Financial Crime World

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Gambia Moves to Enhance AML/CFT Regulations

The Gambia has taken a significant step towards strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, thanks to collaboration between the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the country’s Financial Intelligence Unit.

Stakeholders Onboard

In a move aimed at preventing or frustrating the efforts of money launderers and other financial criminals, stakeholders from various sectors have been brought on board. These include:

  • Central Bank of The Gambia
  • Commercial banks
  • Finance ministry
  • Interior ministry
  • Justice ministry
  • Real estate industry
  • Gambia Police Force
  • Immigration department
  • Other relevant sectors

National Workshop

A recent national workshop held at Kairaba Beach in Senegambia emphasized the importance of developing an AML/CFT strategy to drive the process of combating money laundering and terrorism financing. Yahya Camara, Director of the Gambia’s Financial Intelligence Unit (GFIU), expressed gratitude to GIABA for providing technical assistance to The Gambia.

Progress and Outstanding Deficiencies

According to Camara, The Gambia has made significant progress in rectifying deficiencies identified by GIABA, including:

  • Non-ratification of the UN International Convention for the Suppression of Terrorism Financing (New York, 1999)
  • Non-ratification of the UN Convention against Corruption (Merida, 2003)

However, key outstanding deficiencies remain, including:

  • Exclusion of cash transaction reporting from AML/CFT Act 2012
  • Lack of national regulation/mechanism for implementing UN Security Council Resolutions 1267, 1373 & subsequent resolutions

Workshop Objectives

The workshop aimed to formulate strategies to address these remaining gaps and strengthen The Gambia’s AML/CFT regime.

Government Response

President Sheik Professor Alhagie Doctor Yahya AJ. Jammeh has directed that all deficiencies highlighted by GIABA be rectified, and the Director of the Financial Intelligence Unit has pledged to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012.

Importance of AML/CFT Regime

The move is seen as crucial in reinforcing The Gambia’s peace and stability, which are characteristic of the country. The AML/CFT regime will also support the achievement of:

  • Millennium Development Goals
  • Vision 2020
  • Private Sector Agriculture Growth (PAGE) initiative
  • Other government development blueprints