Financial Crime World

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GAMBIA: Financial Crime Investigation Methods Get Boost

In its ongoing efforts to combat financial crime, The Gambia has received crucial technical assistance from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). The country’s Financial Intelligence Unit (FIU) and key national institutions have collaborated to develop anti-money laundering and counter-terrorism financing strategies.

Progress Made

According to a speech delivered by FIU Director Yahya Camara at a recent workshop, the Gambia has made significant progress in addressing deficiencies identified by GIABA. These include:

  • Repealing the Money Laundering Act 2003
  • Enacting the Anti-Money Laundering and Combating Terrorism Financing Act 2012
  • Establishing an independent FIU with a budget for operations

Outstanding Deficiencies

Despite these achievements, several key deficiencies remain outstanding. The Gambia has yet to:

  • Ratify the UN International Convention for the Suppression of Terrorism Financing (New York, Convention, 1999)
  • Ratify the UN Convention against Corruption (Merida Convention, 2003)
  • Include cash transaction reporting in the AML/CTF Act 2012
  • Establish a national regulation or mechanism for implementing UN Security Council Resolutions

Workshop Objectives

The workshop aimed to formulate strategies to rectify these deficiencies and strengthen the country’s anti-money laundering and counter-terrorism financing framework.

Government Commitment

The Gambia’s commitment to fighting financial crime has received high-level political support, with President Sheik Professor Alhagie Doctor Yahya AJ. Jammeh directing that all deficiencies be addressed.

FIU Director Camara expressed his gratitude for the president’s support and pledged to implement the requirements of the Anti-Money Laundering and Combating Terrorism Financing Act 2012.

Conclusion

With continued collaboration between government agencies and technical assistance from GIABA, The Gambia is poised to reinforce its peace and stability while achieving its development goals.

Sources

  • Speech by FIU Director Yahya Camara at a recent workshop
  • GIABA report on deficiencies in the Gambia’s anti-money laundering and counter-terrorism financing framework