Gambia’s Banking Sector Falls Short on Compliance Regulations, Says International Review

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A recent evaluation conducted by a leading international financial watchdog has found that Gambia’s banking sector is lacking in its compliance with global anti-money laundering and combating the financing of terrorism (AML/CFT) regulations.

Assessment Methodology

The assessment was carried out using the 2012 Financial Action Task Force (FATF) Recommendations and methodology, which analyzed Gambia’s level of compliance with the FATF’s 40 Recommendations.

Key Findings

• The report revealed shortcomings in the country’s measures to prevent financial crimes.
• While some progress has been made, significant gaps remain in areas such as:
  • Customer due diligence
  • Reporting requirements
  • International cooperation

Recommendations for Improvement

The evaluation highlighted areas where the country’s AML/CFT system can be strengthened. The FATF has recommended that Gambia take immediate action to address the identified weaknesses and bring its regulatory framework in line with international best practices.

Next Steps

To access the full report and learn more about the key findings and priority actions, readers are encouraged to refer to the executive summary.

Note: The article is quite short, so I didn’t create too many headings or subheadings. If you’d like me to add more structure, please let me know!