Financial Crime World

Here is the rewritten article in Markdown format:

GAMBIA: CYBERCRIME THREATENS FINANCIAL SECTOR

The financial sector in The Gambia is under threat from cybercrime, with the country’s lack of adequate legislation and regulations leaving it vulnerable to attacks. According to experts, the absence of a dedicated cybercrime law and inadequate investigatory powers are major concerns.

Challenges

Despite adopting the Information and Communications Act (ICA) in 2009, which covers some aspects of cybercrime, experts say that the legislation is not fully effective. The ICA’s provisions on computer misuse and cybercrime are broadly in line with the Budapest Convention, but the investigatory powers available to law enforcement require significant improvement.

Efforts to Combat Cybercrime

The Gambia has made some efforts to address the issue, including:

  • Development of a National Cybersecurity Policy, Strategy and Action Plans (2020-2024)
  • Formulation of an ICT4D Master Plan
  • Issuance of a Draft Data Protection and Privacy Policy Strategy by the Public Utilities Regulatory Authority (PURA) in May 2019
  • Finalization of a data protection bill by the Ministry of Information and Communications Infrastructure, expected to be tabled with the National Assembly in March 2022

International Cooperation

The country’s lack of international cooperation agreements also raises concerns about its ability to combat cybercrime. While The Gambia has bilateral extradition treaties with various countries, including the United States and the United Kingdom, experts say that these agreements do not contemplate the types of evidence, conduct or modes of international cooperation addressed in the Convention.

Recent Cyber Attacks

In recent years, there have been several high-profile cyber attacks on financial institutions in The Gambia, resulting in significant losses. These attacks have highlighted the need for stronger regulations and laws to combat cybercrime.

Responsibilities

The following entities are responsible for various aspects of cybersecurity:

  • Ministry of Information and Communications Infrastructure (MOICI): Developing and implementing policies and strategies for the ICT sector
  • Public Utilities Regulatory Authority (PURA): Regulating the telecommunications sector
  • Attorney General’s Chambers and Ministry of Justice: Commencing, taking over, and continuing or discontinuing criminal proceedings against offenders
  • Judiciary of The Republic of The Gambia: Adjudication of disputes through the due process of law

Recommendations

Experts say that the country needs to:

  • Strengthen its laws and regulations to combat cybercrime in the financial sector
  • Increase international cooperation agreements
  • Implement capacity building programs to help build the country’s capabilities to combat cybercrime

Sources:

  • Ministry of Information and Communications Infrastructure (MOICI)
  • Public Utilities Regulatory Authority (PURA)
  • GAMBIA NATIONAL CYBER SECURITY STRATEGY AND ACTION PLAN 2020-2024
  • PRIVATE SECTOR DEVELOPMENT AND EMPOWERMENT STRATEGY 2021-2024
  • Law hub Gambia
  • UNIDIR Cyber policy portal - Gambia