Gambia Fails to Meet International Anti-Money Laundering Regulations

The Financial Action Task Force (FATF) has released a comprehensive evaluation of The Gambia’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, revealing significant shortcomings in its regulatory framework.

Key Findings

• AML/CFT measures have not been fully implemented, resulting in weaknesses in the country’s financial crime prevention efforts.
• The assessment highlights areas where The Gambia falls short in combating money laundering and terrorist financing.
• The report identifies key priorities for improvement, including:
  • Enhanced supervision and regulation of financial institutions
  • Improved customer due diligence procedures
  • Increased international cooperation

Assessment Methodology

The evaluation was conducted using the 2013 methodology and based on the 2012 FATF Recommendations. The assessment examined The Gambia’s AML/CFT measures as of the date of an on-site visit.

Recommendations for Improvement

To strengthen its AML/CFT system, The Gambia must take immediate action to address the identified shortcomings. The report provides a detailed analysis of the country’s AML/CFT measures and recommends specific actions to improve:

• Supervision and regulation of financial institutions
• Customer due diligence procedures
• International cooperation and information sharing

Executive Summary

The executive summary provides a concise overview of the key findings and priority actions for improvement. The full report is available for public review, providing detailed analysis and recommendations.

Conclusion

The Gambia’s failure to meet international AML regulations highlights the need for urgent action to strengthen its financial crime prevention efforts. The FATF report provides a roadmap for improvement, emphasizing the importance of enhanced supervision, improved customer due diligence, and increased international cooperation.