Gambia Takes Steps to Boost Anti-Money Laundering Regulations
The Gambian government has taken a significant step towards strengthening its anti-money laundering (AML) and combating of terrorism financing (CTF) regulations. This effort is a collaborative endeavor with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the Gambia Financial Intelligence Unit.
Technical Assistance from GIABA
The country’s Financial Intelligence Unit Director, Yahya Camara, expressed gratitude to GIABA for providing technical assistance in developing a national regulation for implementing UN Security Council Resolutions 1267 and 1373 on terrorism and other subsequent resolutions. The financial intelligence unit has also benefited from series of trainings funded by GIABA.
Key Outstanding Gaps
Despite achievements made in addressing deficiencies highlighted by GIABA, there are still key outstanding gaps that need to be addressed. These include:
- Non-ratification of the UN International Convention for the Suppression of Terrorism Financing and the UN Convention against Corruption
- Exclusion of cash transaction reporting from AML/CTF Act 2012
Workshop to Formulate Strategies
To address these deficiencies, a workshop has been organized to formulate strategies to rectify them. The workshop aims to strengthen the country’s AML/CTF framework and reinforce its efforts towards achieving the Millennium Development Goals, Vision 2020, and other government development blueprints.
Presidential Directive
The Gambian President, His Excellency Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh, has directed that all deficiencies in the AML/CTF framework be rectified. The country’s commitment to fighting crimes, including illicit drug trafficking, corruption, money laundering, terrorism financing, and other forms of criminal activity, has received the highest political support.
Plans for Implementation
As part of efforts to address gaps in its AML/CTF regime, the Gambian government plans to:
- Provide training for bank staff and other financial institutions, foreign bureaus, and insurance companies
- Invest in technology to enhance AML/CTF measures
- Conduct a risk assessment on money laundering and terrorist financing
Commitment to Implementation
The Gambian authorities have committed to implementing the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012, with the support of relevant authorities. The country’s Financial Intelligence Unit Director has promised to implement the act and reinforce the already existing peace and stability in the country, known as the “Smiling Coast”.
Overall, this initiative demonstrates the Gambian government’s commitment to strengthening its AML/CTF regulations and combating financial crimes.