Financial Crime World

Here is the converted article in markdown format:

Gambia’s Efforts to Combat Money Laundering and Terrorist Financing Face Challenges

Banjul, Gambia - The Gambian government has identified fraud, drug trafficking, theft/stealing or robbery, bribery, and corruption as the main domestic money laundering (ML) threats. However, the country’s understanding of the scale of these threats and the vulnerabilities exploited to launder proceeds is limited due to a lack of assessment of organized crime, illicit trafficking in stolen goods, and illicit arms trafficking.

Understanding the Threats

According to the National Risk Assessment (NRA) for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), fraud and corruption are considered high-level threats. However, the authorities’ understanding of these risks is evolving. The State Intelligence Service (SIS), Police, Drug Law Enforcement Agency (DLEAG), and Financial Intelligence Unit (FIU) have a better appreciation of terrorist financing (TF) risks, mainly emanating from international terrorism.

Higher-Risk Areas

The NRA identified higher-risk areas such as:

  • Banking
  • Foreign exchange
  • Remittance
  • Real estate
  • Casinos
  • Digital payment services

The government has taken some measures to mitigate these risks, including supervising the real estate sector. However, the informal sector and cash-based transactions continue to pose a risk of ML.

Coordination and Policy

Competent authorities are aligning their objectives with national ML/TF risks and the NRA-AP. However, there is still a lack of specific policy guides for complex and higher-risk cases. The FIU has started supervising high-risk sectors such as real estate agents, foreign exchange bureaus, and banks. However, its efforts to target other designated non-financial businesses and professions (DNFBPs) are unclear.

National Coordination Committee

The National Coordination Committee (NCC), established in 2012, plays a central role in coordinating AML/CFT policy and operational matters. However, it has yet to produce any strategic AML/CFT policy initiatives for adoption by the Executive. The authorities’ cooperation and coordination on AML/CFT policy and operational matters require improvement to enhance effectiveness.

National Counterterrorism Strategy

The Gambia is drafting a National Counterterrorism Strategy (Strategy Against Terrorism) that incorporates CFT. However, it still lacks a comprehensive plan to address ML/TF risks. The country’s private sector institutions are also in need of guidance on AML/CFT measures.

Conclusion

While the Gambian government has made some progress in addressing ML and TF risks, there is still much work to be done to strengthen its AML/CFT regime.