The Gambia Steps Up Efforts to Combat Financing of Terrorism

The Financial Action Task Force (FATF) has recently evaluated The Gambia’s progress in implementing measures to combat the financing of terrorism (CFT). According to the evaluation, The Gambia has made significant strides in putting in place robust anti-money laundering and combating the financing of terrorism (AML/CFT) systems.

Comprehensive AML/CFT Measures

The assessment highlighted that The Gambia’s AML/CFT measures are now more comprehensive, with improvements observed in key areas such as:

• Customer Due Diligence: Enhanced customer due diligence procedures have been implemented to identify and assess the risks of customers.
• Reporting of Suspicious Transactions: Improved reporting mechanisms for suspicious transactions have been established to prevent illegal activities.
• International Cooperation: The Gambia has strengthened its international cooperation with other countries to share information and best practices.

Priority Actions

Despite these advances, the report identified several priority actions aimed at further strengthening the system. These include:

• Enhancing the effectiveness of customer due diligence procedures
• Improving the quality of reporting on suspicious transactions
• Strengthening international cooperation and coordination

FATF Endorsement

The findings of the assessment have been reviewed and endorsed by the FATF, a global authority responsible for setting standards to combat money laundering and terrorist financing.

Executive Summary

The report’s executive summary provides detailed insights into key findings and recommended actions. It highlights The Gambia’s progress in implementing AML/CFT measures and identifies areas for further improvement.

Regional and International Cooperation

Gambia’s efforts to combat CFT are crucial in preventing the misuse of its financial system by terrorist organizations and other illicit actors. The country’s progress in this area is expected to enhance regional and international cooperation, ultimately contributing to a safer and more secure global environment.

By stepping up its efforts to combat financing of terrorism, The Gambia demonstrates its commitment to preventing illegal activities and protecting its financial system from abuse.