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Gambia Struggles to Stem Flow of Illicit Funds

The fight against money laundering and terrorist financing (AML/CTF) has become a global concern, with many countries struggling to stem the flow of illicit funds. In Gambia, the situation is no different.

Effective AML/CTF Policies Crucial for International Financial System

According to experts, effective AML/CTF policies are key to the integrity and stability of the international financial system and member countries’ economies. Money laundering and related underlying crimes can threaten the integrity and stability of a country’s financial sector and external stability more generally.

IMF’s Role in Shaping Global AML/CTF Policies

In recent years, the International Monetary Fund (IMF) has been at the forefront of shaping AML/CTF policies globally, providing policy advice on macro-critical issues in Article IV consultations and covering AML/CTF issues relevant to the financial sector’s soundness and stability as part of Financial Sector Assessment Programs (FSAPs).

Challenges Facing Gambia

However, despite these efforts, Gambia still faces significant challenges in combating money laundering and terrorist financing. In a recent review of the country’s AML/CTF strategy, the IMF identified several areas for improvement, including the need for enhanced focus on the macroeconomic impacts of money laundering and related financial crime.

Public Consultation Launched

Policymakers in Gambia have acknowledged the importance of addressing these issues, but more needs to be done to effectively combat illicit flows. The country has launched a public consultation on its AML/CTF work, seeking input from civil society organizations (CSOs) around the world on how it can further enhance engagement on AML/CTF and broader financial integrity issues.

What is ML/TF/PF?

Money Laundering (ML) is the processing of assets from criminal activity to obscure their illegal origins. Terrorism Financing (TF) involves the raising and processing of funds to supply terrorists with resources. The Financing of Proliferation of Weapons of Mass Destruction (PF) requires countries to implement targeted financial sanctions to comply with United Nations Security Council resolutions on the proliferation of WMD.

Public Consultation

The IMF has launched a survey for CSOs around the world to share their views on how it can further enhance engagement on AML/CTF and broader financial integrity issues. The consultation aims to gather input from civil society organizations, experts, and other stakeholders on how to strengthen international cooperation in combating money laundering and terrorist financing.

Assessments

The IMF has conducted several assessments of Gambia’s AML/CTF framework, identifying areas for improvement and providing recommendations for strengthening the country’s anti-money laundering and counter-terrorist financing efforts. The assessments aim to ensure that countries like Gambia are taking effective measures to prevent illicit flows from undermining their economies.

Videos and Events

The IMF has released several videos and held events on AML/CTF, featuring experts and policymakers discussing the latest trends and challenges in combating money laundering and terrorist financing. These resources provide valuable insights into the global efforts to combat illicit flows and promote financial stability.