GAMBIA TAKES A LEAP FORWARD IN COMBATING FINANCIAL CRIME: STAKEHOLDERS VALIDATE AML/CFT BILL 2024
The Financial Intelligence Unit (FIU) of The Gambia recently held a crucial stakeholder workshop to validate the Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing Bill 2024. This landmark legislation aims to strengthen the country’s financial resilience, align with international standards, and combat money laundering, terrorist financing, and other forms of financial crime.
Strengthening Financial Resilience
The Bill provides a clearer definition of Politically Exposed Persons (PEPs), in line with FATF Recommendation 12. This marks a significant step towards addressing technical compliance deficiencies identified in The Gambia’s 2nd Round of Mutual Evaluation report in June 2022. According to Alhagie Darbor, Director of FIU, the draft Bill signifies a proactive approach towards consolidating the country’s AML/CFT regime and strengthening financial confidence.
Combating Financial Crime
Siaka Bah, representative of the Central Bank of The Gambia (CBG), emphasized the importance of effective implementation of robust anti-money laundering and combating terrorist financing measures. He noted that the threat of money laundering and terrorist financing remains a pervasive challenge, as it legitimizes illegal activities, undermines financial integrity, and poses significant reputation risks.
- Legitimizes illegal activities
- Undermines financial integrity
- Poses significant reputation risks
Bah stressed that CBG is committed to collaborating with domestic and international authorities to combat all forms of financial crimes and ensure The Gambia becomes a safe haven for investment. He urged stakeholders to maintain collective commitment to implementing the provisions of this Bill effectively, highlighting the importance of transparency, vigilance, and continued collaboration.
Call to Action
Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, called on stakeholder institutions to fully commit to implementing this legislation when it is enacted. She emphasized that strengthening domestic coordination will facilitate efficient information sharing, streamline enforcement efforts, and contribute to a more robust AML/CFT regime.
Conclusion
The validation workshop marks a significant step towards The Gambia’s commitment to combating financial crime and its aspirations to become a recognized International Financial Centre. As the country continues to navigate the complexities of financial regulation, stakeholders are urging for collective action and cooperation to ensure the effective implementation of this landmark legislation.