Gambia’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations Under Scrutiny

A comprehensive evaluation of The Gambia’s AML/CFT measures has been conducted, assessing the country’s level of compliance with the 40 Recommendations issued by the Financial Action Task Force (FATF). This assessment, carried out using the 2013 Methodology, provides a snapshot of the country’s AML/CFT system as it stood at the time of an on-site visit.

Evaluation Highlights

According to the report, experts analyzed the effectiveness of Gambia’s AML/CFT framework and identified areas for improvement. The findings have been reviewed and endorsed by the FATF, with key recommendations outlined in the Executive Summary.

Strengths and Weaknesses

The evaluation highlights Gambia’s strengths and weaknesses in implementing its AML/CFT regulations, including measures aimed at preventing money laundering and terrorist financing.

• Strengths:
  • Effective implementation of customer due diligence (CDD) requirements
  • Strong regulation of financial institutions
• Weaknesses:
  • Limited coverage of certain industries and sectors
  • Inadequate reporting of suspicious transactions

Roadmap for Strengthening the System

The report provides a roadmap for strengthening Gambia’s AML/CFT system, ensuring that it is better equipped to combat illicit financial activities and protect its economy from the risks associated with money laundering and terrorist financing.

Insights for Policymakers, Regulators, and Stakeholders

In detailing Gambia’s progress towards meeting FATF standards, the assessment provides valuable insights for policymakers, regulators, and other stakeholders seeking to enhance their understanding of the country’s AML/CFT landscape. This evaluation serves as a crucial tool in helping The Gambia to strengthen its anti-money laundering and combating the financing of terrorism regime.