GAMBIA: Landmark Anti-Money Laundering Bill 2024 Takes Centre Stage
Banjul - In a significant step towards strengthening its financial resilience and compliance with international standards, The Gambia has validated the Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024. This milestone comes in response to a recent report by the Financial Action Task Force (FATF), highlighting technical compliance deficiencies in the country’s AML/CFT legal framework.
Validation of the Draft Bill
The Financial Intelligence Unit (FIU) hosted a one-day stakeholder workshop at the Paradise Suites Hotel in Kololi to validate the draft Bill. Alhagie Darboe, Director of FIU, emphasized that the Bill is not merely a response to external scrutiny but a proactive step towards strengthening The Gambia’s AML/CFT regime.
Key Provisions of the Bill
The Bill includes several key provisions aimed at enhancing definitions of Politically Exposed Persons (PEPs) and measures to address challenges posed by:
- Money or Value Transfer Service (MVTS)
- Emerging technologies, including Virtual Assets
These provisions aim to facilitate effective management of risks associated with these sectors and enhance regulatory frameworks.
Enforcing Compliance and Sanctions
The Bill aims to enable the Financial Intelligence Unit (FIU) to enforce compliance without the need for a Court Order, enhancing the effectiveness of sanctions against breaches of AML/CFT obligations. Additionally, the scope of administrative sanctions will be broadened to ensure that breaches are adequately penalized.
Quotes from Stakeholders
- Siaka Bah, representative of the Central Bank of The Gambia (CBG): “Implementing robust anti-money laundering and combating financing of terrorism measures is crucial for strengthening regulatory confidence and attracting international investors.”
- Amie Khan, representative of the Permanent Secretary at the Ministry of Finance: “We urge stakeholders to fully commit to implementing the legislation when it is enacted. Domestic coordination among Competent Authorities and information sharing are essential in combating money laundering and terrorist financing.”
Conclusion
The validation exercise marks a crucial step towards building a future where The Gambia’s financial system serves as a bastion against illicit activities, ensuring prosperity and security for all citizens.