Gambian Authorities Crack Down on Financial Fraud with New Anti-Money Laundering Strategy
The government of The Gambia has joined forces with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) to develop a comprehensive anti-money laundering and combating of terrorism financing strategy. This move aims to prevent or frustrate the efforts of money launderers and other financial criminals in the country.
Key Objectives
- Prevent or frustrate the efforts of money launderers and other financial criminals
- Develop a comprehensive anti-money laundering and combating of terrorism financing strategy
Director’s Remarks
Yahya Camara, Director of the Gambia Financial Intelligence Unit (GFIU), emphasized that the strategy is a crucial document that will help identify specific objectives and action plans to achieve them. He expressed gratitude to GIABA for providing technical assistance to The Gambia, noting that the country has benefited from several training programs funded by the organization.
Existing Deficiencies
Despite achievements made so far, Camara noted that there are key deficiencies remaining outstanding, including:
- Non-ratification of international conventions on terrorism financing and corruption
- Exclusion of cash transaction reporting from anti-money laundering laws
- Lack of national regulations for implementing UN Security Council resolutions
- Inadequate supervision of designated non-financial businesses and professions
Additionally, he highlighted other existing gaps in the country’s anti-money laundering and combating of terrorism financing framework, including:
- Lack of public awareness on money laundering and terrorism financing issues
- Insufficient human, technical, and logistical resources
- Inadequate cross-border currency declarations
Action Plan
To address these deficiencies, Camara emphasized that it is essential to hold such an important workshop to rectify all the deficiencies in The Gambia’s anti-money laundering and combating of terrorism financing framework. He expressed confidence that with the highest political support and commitment from the government, the country can overcome its challenges in this area.
Presidential Directives
The President of the Republic of The Gambia, His Excellency Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh, has directed that all deficiencies highlighted by GIABA be rectified. The Director promised to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012 with the support of relevant authorities.
Commitment to Development
The Gambian government’s efforts to combat financial crimes are part of its commitment to achieving the Millennium Development Goals, Vision 2020, the PAGE and other development blueprints. A robust anti-money laundering and combating of terrorism financing regime is expected to reinforce the country’s peace and stability, earning it the nickname “the Smiling Coast”.