Financial Crime World

Gambia Takes Proactive Step Against Money Laundering with New Bill

The Financial Intelligence Unit of The Gambia has hosted a crucial stakeholder workshop aimed at validating the Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024. This landmark legislation is a direct response to the country’s technical compliance deficiencies in its AML/CFT legal framework, which were identified following the publication of The Gambia’s 2nd Round of Mutual Evaluation report in June 2022.

Strengthening Financial Resilience

According to Alhagie Darbor, Director of FIU, the draft Bill not only addresses external scrutiny but also signifies a proactive step towards strengthening financial resilience and complying with international standards. “The Gambia’s commitment to combating money laundering and terrorist financing remains unwavering,” he emphasized.

The Importance of Implementing Robust Anti-Money Laundering Measures

Siaka Bah, representative of the Central Bank of The Gambia, stressed the importance of implementing robust anti-money laundering measures to ensure the integrity of the sector. He noted that the threat of money laundering and terrorist financing is a pervasive challenge that legitimizes illegal activities, undermines financial system integrity, facilitates corruption, and poses significant reputation risks.

Collaboration and Transparency

Bah called for continued collaboration, transparency, and vigilance in implementing the provisions of the Bill, stating that “the fight against money laundering and the financing of terrorism is not just a regulatory obligation, but a moral imperative.” He added that the Central Bank stands ready to provide necessary support and guidance to stakeholders as they embark on this critical journey.

Commitment to Implementing Legislation

Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, urged stakeholder institutions to fully commit to implementing the legislation when it is enacted. “It is imperative that these authorities make the best use of these provisions to enhance collective efforts in combating money laundering and terrorist financing,” she said.

International Recognition

The Gambia’s commitment to strengthening its AML/CFT regime has been recognized internationally, with the country scoring a moderate rating of effectiveness in relation to confiscation and provisional measures. The new Bill is expected to further consolidate the country’s position as a leader in the fight against financial crimes.

Key Takeaways

  • The Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024 aims to strengthen financial resilience and comply with international standards.
  • The draft Bill addresses external scrutiny and technical compliance deficiencies in the country’s AML/CFT legal framework.
  • Implementing robust anti-money laundering measures is crucial for ensuring the integrity of the sector and combating money laundering and terrorist financing.