Gambia Falls Short on Anti-Money Laundering, Combating Financing of Terrorism Regulations Worldwide Standards

Assessment Reveals Shortcomings in AML/CFT Measures

A recent evaluation has revealed that The Gambia’s anti-money laundering and combating financing of terrorism (AML/CFT) measures are not fully in line with international standards. The assessment was conducted using the 2012 Financial Action Task Force (FATF) Recommendations and the 2013 Methodology.

Weaknesses Identified

According to the report, The Gambia’s AML/CFT system has some weaknesses that need to be addressed. Despite making progress in recent years, the country still requires significant improvements to strengthen its ability to prevent and detect money laundering and terrorist financing.

Key Findings and Priority Actions

The report highlights several key findings and priority actions for The Gambia to address these shortcomings:

• Strengthen Oversight of Financial Institutions: Enhance supervision and regulation of financial institutions to ensure compliance with AML/CFT requirements.
• Improve Suspicious Transaction Reporting: Implement a robust system for reporting suspicious transactions, including training for financial institution staff on identification and reporting of suspicious activity.
• Enhance International Cooperation: Strengthen cooperation with other countries and international organizations to share information and best practices in combating money laundering and terrorist financing.

Recommendations and Roadmap

The FATF has reviewed and endorsed the assessment’s findings, which are summarized in an executive summary that outlines the key findings and recommended priority actions. The report serves as a roadmap for The Gambia to strengthen its AML/CFT regime and meet the international standards set by the FATF.

By addressing these shortcomings, The Gambia can improve its ability to prevent and detect money laundering and terrorist financing, and bring its AML/CFT measures in line with worldwide standards.