GAMBIA VALIDATES ANTI-MONEY LAUNDERING BILL 2024
Banjul - The Financial Intelligence Unit (FIU) has successfully concluded a one-day stakeholder workshop to validate the Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024.
Strengthening Gambia’s Financial Resilience
The event aimed at addressing technical compliance deficiencies in Gambia’s AML/CFT legal framework, thereby strengthening the country’s financial resilience. The FIU Director, Alhagie Darboe, emphasized that the Bill is a proactive step towards complying with international standards and consolidating the country’s AML/CFT regime.
Key Provisions of the Bill
- Provides a clearer definition of Politically Exposed Persons (PEPs), enhancing risk mitigation measures for this high-risk group
- Addresses challenges posed by emerging technologies, including Virtual Assets and Money or Value Transfer Services (MVTS)
- Enables the FIU to enforce compliance without requiring a Court Order, enhancing the effectiveness of sanctions
- Complies with FATF Recommendations 14 and 15
Importance of Strengthening Regulatory Confidence
Siaka Bah, representative of the Central Bank of Gambia (CBG), highlighted the importance of strengthening regulatory confidence for investors. He emphasized that money laundering and terrorist financing pose significant threats to financial integrity and reputation risks.
Commitment to Combating Financial Crimes
The CBG has reiterated its commitment to collaborating with domestic and international authorities to combat financial crimes and ensure The Gambia becomes a safe haven for investment.
Call to Action
Amie Khan, representative of the Permanent Secretary at the Ministry of Finance, called on stakeholders to commit fully to implementing the legislation. She emphasized the importance of strengthening domestic coordination among Competent Authorities to enhance collective efforts in combating money laundering and terrorist financing.
Key Provisions of the Draft AML/CFT Bill 2024
- Includes provisions for domestic coordination and collaboration among Competent Authorities
- Urged participants to do justice to the validation exercise, recognizing their expertise and insights as invaluable in fine-tuning the legislation to serve national interests
Conclusion
As Gambia moves forward with implementing this crucial legislation, stakeholders must remain steadfast in upholding principles of justice, transparency, and integrity. Together, they can build a future where the financial system serves as a bastion against illicit activities, ensuring prosperity and security for all citizens.