The Gambia Strengthens Anti-Money Laundering Policies

Combating Organized Crime and Financial Threats

In an effort to counter the growing threat of organized crime, The Gambia is enhancing its anti-money laundering (AML) and combating financing of terrorism (CFT) regime. According to Central Bank of The Gambia (CBG) Governor, Bur Njai Saidy, the rise of sophisticated methods employed by criminals poses a significant risk to the country’s financial systems.

Negative Consequences of Money Laundering

Money laundering has far-reaching adverse consequences on the integrity and soundness of financial systems and the broader economy. These include:

• Distorting economic stability
• Misinforming policy decisions
• Creating unfair competition for legitimate businesses
• Undermining investor confidence
• Adverse macroeconomic consequences

Strengthening AML/CFT Regime

In response to these concerns, The Gambia has commenced work on priority areas identified in its Second Round Mutual Evaluation Report published in June 2022. Key actions include:

• Amending the current AML/CFT Act 2012
• Initiating a new bill to repeal the current Act

Enhancing Knowledge and Skills

The CBG has established an AML/CFT unit under the Banking Services Department, which is working closely with the Financial Intelligence Unit (FIU) to conduct on-site examinations on financial institutions. This move is intended to ensure that the FIU relinquishes AML/CFT supervision of financial institutions to the unit eventually.

Regional Initiative

The Gambia’s efforts to strengthen its AML/CFT regime are part of a broader regional initiative aimed at combating money laundering and other financial crimes in West Africa. The country’s commitment to enhancing knowledge and skills to combat these threats is seen as a crucial step towards maintaining economic stability and integrity.