The Gambia’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Efforts: Key Points ===========================================================
Risk Assessment and Coordination
The Gambian authorities have identified key domestic money laundering threats as:
- Fraud
- Drug trafficking
- Theft/stealing or robbery
- Bribery
- Corruption
However, their understanding of the relative scale of these threats and vulnerabilities exploited to launder proceeds is less developed. The authorities’ understanding of organized crime, illicit trafficking in stolen goods, arms trafficking, and money laundering vulnerabilities of legal persons, virtual assets, tourism sector, informal economy, and extensive cash use is limited.
Counter-Terrorism (CT) Efforts
The Gambian authorities have identified international terrorism as the main source of TF threats. However, their appreciation of inherent vulnerabilities could be improved significantly. The authorities note some high-level vulnerabilities that could be exploited for TF but are unable to determine if or to what extent such vulnerabilities are being exploited.
National Risk Assessment and Action Plan (NRA-AP)
The NCC was established to coordinate and foster cooperation among key stakeholders on all aspects related to the implementation of the AML/CFT Act. However, its agenda has been driven mainly by supervisory and law enforcement matters but relies heavily on the FIU for strategic guidance.
Coordination and Cooperation
Competent authorities are beginning to align their objectives and activities with national ML/TF risks and the NCC’s action plan. However, complex and higher risk ML activities are not targeted partly owing to inadequate resources and lack of specific policy guides to focus efforts on such cases.
Private Sector Institutions
Some private sector institutions have begun implementing AML/CFT measures, including supervision of the real estate sector.
These points provide a general overview of The Gambia’s AML/CFT efforts. It is recommended that further context or information be consulted for a comprehensive understanding of these efforts.