The Gambia Embarks on Ambitious Plan to Strengthen Anti-Money Laundering and Combating Financing of Terrorism Regime

The Gambia has launched a bold initiative aimed at enhancing its Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regime, in a bid to counter the growing threat of financial crimes.

Priority Areas for Urgent Attention

According to Governor Saidy, the country’s central bank, the Central Bank of The Gambia (CBG), has identified several priority areas that require urgent attention. These include:

Enhancing knowledge and skills among regulators, policymakers, and enforcers to effectively combat financial crimes.
Addressing the growth of organized crime and its impact on financial systems.
Implementing measures to prevent money laundering and other financial crimes.

The Consequences of Money Laundering

Governor Saidy highlighted the far-reaching consequences of money laundering, including:

Distortion of economic stability
Unfair competition
Undermining of investor confidence
Potential for macroeconomic instability
Massive funds flow
Capital flight

Ongoing Efforts to Strengthen AML/CFT Regime

In June 2022, The Gambia published its Second Round Mutual Evaluation Report, which identified several priority areas for AML/CFT implementation. Since then, the country has commenced work on those priorities, including:

Amending the current AML/CFT Act of 2012
Establishing an AML/CFT unit under the Banking Services Department
Conducting on-site examinations of financial institutions in collaboration with the Financial Intelligence Unit (FIU)

Future Plans

A new bill is expected to be enacted in 2024, which aims to repeal the current Act and address the deficiencies highlighted in the report. The ultimate goal is to transfer supervision of financial institutions from the FIU to the AML/CFT unit.

By strengthening its AML/CFT regime, The Gambia aims to protect its financial system from the growing threat of financial crimes and promote economic stability and growth.