Financial Crime Investigation Methods in Gambia Revealed as Director Shares Insights on Recent Cases

The Financial Intelligence Unit (FIU) director in The Gambia has shared insights on recent financial crime cases, revealing the significant number of investigations conducted by his institution.

Investigations and Convictions

The FIU director revealed that the unit received a total of 47 transaction reports last year, with 42 being domestic information requests and one international request. Six international information requests were also sent out during the same period. Notably, fraud emerged as the most reported offence, accounting for 56% of all money laundering cases.

Conviction Highlights

• A recent high-profile case involved 60 million dalasi laundered through The Gambia, with the funds subsequently forfeited to the state.

Threats and Challenges

The FIU director warned that financial criminals are taking advantage of the COVID-19 pandemic to engage in fraudulent activities. He cited examples of:

• Counterfeit personal protective equipment
• Bogus COVID-19 medication
• Online fraud schemes

Staying Ahead of Financial Criminals

The director urged financial intelligence analysts to remain vigilant in their work, emphasizing the importance of staying ahead of financial criminals who are increasingly using sophisticated methods to hide their illegal activities.

Key Takeaways

• The FIU received 47 transaction reports last year, with 42 being domestic information requests and one international request.
• Fraud emerged as the most reported offence, accounting for 56% of all money laundering cases.
• Financial criminals are taking advantage of the COVID-19 pandemic to engage in fraudulent activities.
• Staying ahead of financial criminals requires vigilance and sophisticated methods to uncover their illegal activities.