Gambia’s Anti-Money Laundering Laws Under Scrutiny: Report Finds Room for Improvement

A recent evaluation of The Gambia’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures has revealed several areas that require improvement. The report, conducted using the 2013 Methodology and based on the 2012 Financial Action Task Force (FATF) Recommendations, assessed the country’s level of compliance with international standards.

Key Findings

• While The Gambia has made significant progress in implementing AML/CFT measures, there are still several weaknesses that need to be addressed.
• The report highlights a number of key issues, including:
  • Lack of effective supervision and enforcement mechanisms
  • Inadequate customer due diligence requirements
  • Insufficient resources allocated to AML/CFT efforts

Weaknesses in the System

• The financial intelligence unit lacks the necessary powers and resources to effectively identify and investigate suspicious transactions.
• Country’s laws and regulations do not fully address the risk of money laundering and terrorist financing in certain sectors, such as:
  • Real estate
  • Precious stones

Recommendations for Improvement

• Improve supervision and enforcement mechanisms
• Enhance customer due diligence requirements
• Increase resources allocated to AML/CFT efforts
• Give greater powers and resources to the financial intelligence unit to effectively identify and investigate suspicious transactions

FATF Endorsement

The findings of this assessment have been reviewed and endorsed by the FATF, a global body that sets standards for combating money laundering and terrorist financing.

Conclusion

The report serves as a critical tool for policymakers and regulators in The Gambia, providing them with a roadmap for improving the country’s AML/CFT system and ensuring that it is in line with international best practices.