GAMBIA: Types of Financial Crimes on the Rise

The Republic of The Gambia has been working closely with international organizations to combat financial crimes such as money laundering, terrorism financing, and other criminal conducts. In this article, we will explore the current state of financial crime in The Gambia and the efforts being made to address these issues.

Major Concerns

According to Yahya Camara, Director of the Gambia’s Financial Intelligence Unit (GFIU), money laundering, terrorism financing, and other criminal conducts are major concerns for the country. These crimes pose a significant threat to The Gambia’s economy and stability.

Key Milestones

Repeal of Money Laundering Act 2003

The Gambia has made significant progress in addressing financial crimes by repealing the Money Laundering Act 2003 and enacting the Anti-Money Laundering and Combating Terrorism Financing Act 2012.

Establishment of Financial Intelligence Unit (GFIU)

The country has also established an independent Financial Intelligence Unit, which plays a crucial role in monitoring and analyzing financial transactions to detect and prevent money laundering and terrorism financing.

Existing Gaps

Non-Ratification of International Conventions

Despite these achievements, there are still key deficiencies that need to be addressed. The Gambia has not yet ratified international conventions on terrorism financing and corruption, which hinders its ability to effectively combat these crimes.

Exclusion of Cash Transaction Reporting

The AML/CFT Act 2012 does not require reporting of cash transactions, making it difficult to track and prevent large cash transactions that may be used for money laundering or terrorism financing.

Inadequate Supervision of DNFBPs

The country’s supervision of designated non-financial businesses and professions (DNFBPs) is inadequate, leaving room for these entities to engage in criminal activities without detection.

Challenges Ahead

To address these challenges, The Gambia is holding an important workshop to formulate strategies to rectify the outstanding deficiencies. The President of the Republic of The Gambia has directed that all deficiencies in the anti-money laundering and combating terrorism financing framework be rectified.

Conclusion

The fight against financial crimes is a major priority for the government of The Gambia, with the aim of achieving peace and stability in the country. A robust anti-money laundering and combating terrorism financing regime will play a critical role in reinforcing the country’s progress towards development goals.