Financial Crime World

GAMBIA JOINS FORCE TO COMBAT FINANCING OF TERRORISM

The fight against terrorism financing has received a significant boost in The Gambia as the country joins forces with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and other stakeholders to combat this menace.

Steady Progress, Outstanding Deficiencies

Speaking at a national workshop held at Kairaba Beach, Senegambia, Yahya Camara, Director of the Financial Intelligence Unit (GFIU), highlighted The Gambia’s steady progress in addressing deficiencies in its anti-money laundering and combating terrorism financing regime. However, he noted that there are still key outstanding deficiencies that need to be rectified.

Key Achievements

  • Repeal of the Money Laundering Act 2003
  • Enactment of the Anti-Money Laundering and Combating Terrorism Financing Act 2012
  • Acquisition of funds from the African Development Bank (AfDB) to support implementation of AML/CTF requirements

Outstanding Deficiencies

  • Non-ratification of the UN International Convention for the Suppression of Terrorism Financing and the UN Convention against Corruption
  • No national regulation or mechanism in place for implementing the requirements of UN Security Council Resolutions 1267, 1373, and subsequent resolutions

Workshop Objectives

The workshop aims to formulate strategies to rectify outstanding deficiencies and strengthen The Gambia’s anti-money laundering and combating terrorism financing regime.

Presidential Commitment

President Sheik Professor Alhagie Doctor Yahya AJ. Jammeh has directed that all deficiencies in the AML/CTF framework be rectified, and Camara expressed his gratitude for the president’s commitment to fighting crimes.

Next Steps

The director thanked relevant authorities for their support and pledged to implement the requirements of the Anti-Money Laundering and Combating Terrorism Financing Act 2012. With a robust AML/CTF regime in place, The Gambia is expected to reinforce its already existing peace and stability, which has been characteristic of the country.

Conclusion

The Gambia’s commitment to combating terrorism financing is a significant step towards ensuring peace and stability in the region. With continued efforts from stakeholders, the country is well on its way to strengthening its anti-money laundering and combating terrorism financing regime.