Financial Crime World

What is Money Laundering in Gambia?

Money laundering and combating the financing of terrorism (CFT) are significant concerns globally, and Gambia is no exception. In a bid to strengthen its anti-money laundering (AML) and CFT regime, the Gambian government has drafted a bill aimed at addressing technical compliance deficiencies identified in the country’s 2nd Round of Mutual Evaluation report published in June 2022.

Proactive Step Towards Strengthening Financial Resilience

According to Alhagie Darboe, Director of the Financial Intelligence Unit (FIU), the bill is not just a response to external scrutiny but a proactive step towards strengthening financial resilience and complying with international standards. The bill provides a clearer definition of Politically Exposed Persons (PEPs) and enhances the regulatory framework by addressing challenges posed by Money or Value Transfer Services (MVTS) and emerging technologies, including Virtual Assets.

Key Provisions

  • Provides a clearer definition of PEPs
  • Enhances the regulatory framework for MVTS and emerging technologies like Virtual Assets
  • Enables the FIU to enforce compliance without the need for a court order
  • Broadens the scope of administrative sanctions

Importance of Implementing Robust AML/CFT Measures

Siaka Bah, representative of the Central Bank of Gambia (CBG), emphasized the importance of implementing robust AML/CFT measures to strengthen regulatory confidence and attract foreign investment. He noted that money laundering and terrorist financing undermine financial integrity, facilitate corruption, and pose significant reputation risks.

Consequences of Non-Compliance

  • Undermine financial integrity
  • Facilitate corruption
  • Pose significant reputation risks

Call to Action

Bah urged all stakeholders to maintain their collective commitment to implementing the provisions of the bill effectively, stressing that the fight against money laundering and terrorist financing is not just a regulatory obligation but a moral imperative.

Collective Commitment

  • All stakeholders must work together to implement the provisions of the bill
  • Domestic coordination and collaboration among competent authorities are crucial in combating money laundering and terrorist financing

Conclusion

The Gambian government’s efforts to strengthen its AML/CFT regime are aimed at creating a safer, more transparent, and more prosperous country. The implementation of the new bill is crucial in combating money laundering and terrorist financing, and all stakeholders must work together to achieve this goal.

Key Takeaways

  • The draft Anti-Money Laundering and Combating of Terrorist Financing Bill, 2024 aims to strengthen Gambia’s AML/CFT regime
  • The bill includes provisions for domestic coordination and collaboration among competent authorities
  • Implementation of the bill is crucial in combating money laundering and terrorist financing