Financial Crime World

Gambia’s Financial Crime Prevention Strategies Under Scrutiny: FATF Report Reveals Areas for Improvement

The Financial Action Task Force (FATF) has conducted a comprehensive evaluation of The Gambia’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures, revealing areas where the country can strengthen its financial crime prevention strategies.

Assessment Highlights Progress and Challenges

While The Gambia has made significant progress in implementing AML/CFT measures since the last assessment, there are still several areas that require attention and improvement. The report highlights weaknesses in:

  • Customer Due Diligence Requirements: Inadequate customer due diligence requirements and processes.
  • Record-Keeping and Reporting Obligations: Issues with maintaining accurate records and reporting suspicious transactions.
  • Supervisory and Regulatory Framework: Inadequate resources, capacity constraints faced by the financial sector regulator.

FATF Recommendations for Improvement

To strengthen its AML/CFT system, The Gambia is recommended to:

  • Strengthen Customer Due Diligence Requirements: Enhance customer due diligence processes and requirements.
  • Enhance Record-Keeping and Reporting Obligations: Improve record-keeping and reporting obligations to ensure accurate and timely information sharing.
  • Increase Resources and Capacity: Provide additional resources and capacity to the financial sector regulator to support its supervisory and regulatory functions.

Developing a Comprehensive Risk Assessment and National Strategy

The report also recommends that The Gambia:

  • Conduct a Comprehensive Risk Assessment: Develop a comprehensive risk assessment to identify and mitigate potential risks in the AML/CFT system.
  • National Strategy for AML/CFT: Establish a national strategy for AML/CFT, outlining priorities and objectives.

Enhancing International Cooperation and Information Sharing

To combat financial crime effectively, The Gambia is recommended to:

  • Enhance International Cooperation: Strengthen international cooperation and information sharing with other countries.
  • Share Information: Share relevant information with other countries and organizations to identify and disrupt financial criminal activity.

The findings of this assessment have been reviewed and endorsed by the FATF. It is expected that The Gambia will implement the recommended priority actions to strengthen its AML/CFT system and prevent financial crime.