Financial Crime World

Gambia Falls Short on Global Financial Sanctions Enforcement

The Gambia has failed to meet several key requirements for enforcing global financial sanctions, according to a recent review by the international community. This article highlights the areas where The Gambia needs improvement and its commitment to addressing these shortcomings.

Key Areas of Concern

  • Regulation and Supervision of Non-Financial Businesses and Professions (NC): The Gambia received poor ratings in this area, indicating a need for improved regulation and supervision of non-financial businesses and professions.
  • Transparency and Beneficial Ownership of Legal Persons and Arrangements (NC): The country also received poor ratings in this area, highlighting the need for increased transparency and beneficial ownership of legal persons and arrangements.
  • Regulation and Supervision of Designated Non-Financial Business and Professions (NC): The Gambia’s rating in this area was also poor, indicating a need for strengthened regulation and supervision of designated non-financial businesses and professions.

Areas of Compliance

  • Powers of Supervisors (C): The Gambia was found to be compliant in this area, indicating that its supervisors have the necessary powers to enforce global financial sanctions.
  • Financial Intelligence Units (C): The country’s financial intelligence units were also found to be compliant, suggesting that they are effectively identifying and reporting suspicious transactions.
  • National Cooperation and Coordination (LC): The Gambia received a largely compliant rating in this area, indicating that its national authorities are cooperating and coordinating effectively to enforce global financial sanctions.

Commitment to Improvement

The Gambia government has stated its commitment to improving its enforcement of global financial sanctions and has announced plans to:

  • Increase transparency and beneficial ownership of legal persons and arrangements
  • Strengthen regulation and supervision of non-financial businesses and professions

International Support

The international community has welcomed The Gambia’s commitment to improving its enforcement of global financial sanctions and has offered assistance to help the country meet its obligations. The Gambia is expected to continue working with the international community to improve its ratings and ensure that it is meeting its obligations under global financial sanctions regulations.