Gambia Fails to Meet Financial Sanctions Screening Requirements

Overview

The Financial Action Task Force (FATF) has released its latest report on the Gambia, revealing that the country has failed to meet several key requirements for financial sanctions screening. The report assessed the Gambia’s compliance with the FATF Recommendations, a set of global standards aimed at preventing money laundering and terrorist financing.

Key Findings

• The Gambia was found to be “partially compliant” (PC) in several key areas, including:
  • Confiscation and provisional measures
  • Terrorist financing offence
  • Transparency and beneficial ownership of legal persons
• The country was deemed “non-compliant” (NC) in areas such as:
  • Non-profit organisations
  • Financial institution secrecy laws
  • Higher-risk countries
• The Gambia received low ratings in areas such as:
  • New technologies
  • Wire transfers
  • DNFBPs: customer due diligence

Compliance Ratings

• The Gambia was found to be “compliant” (C) in several areas, including:
  • Financial intelligence units
  • Powers of supervisors
  • Mutual legal assistance

Recommendations

The FATF report recommends that the Gambia take immediate action to address its shortcomings and ensure that it is fully compliant with global standards for financial sanctions screening. Failure to do so could result in further scrutiny and potential penalties from international authorities.

Full Report

The full report can be accessed on the FATF website.