Financial Crime World

Gambia’s Regulatory Bodies for Financial Crime: A Review of the Technical Compliance Assessment Process

The Financial Action Task Force (FATF) has released its latest Benin Follow-Up Report, assessing the Gambian government’s efforts to implement the technical requirements of the FATF Recommendations. The report provides a comprehensive overview of the country’s regulatory bodies and their effectiveness in combating financial crime.

Progress Made

Gambia has made significant progress in implementing the FATF Recommendations, with several areas receiving high ratings. Specifically:

  • Risk Assessment and Risk-Based Approach: Gambia has been commended for its efforts in assessing risk and applying a risk-based approach (R.1).
  • National Cooperation and Coordination: The country’s national cooperation and coordination (R.2) have also received high ratings.
  • Money Laundering Offence: Gambia’s money laundering offence (R.3) has been recognized as effective.

Areas Requiring Improvement

However, there are still areas that require improvement:

  • Confiscation and Provisional Measures: Gambia’s implementation of confiscation and provisional measures (R.4) has been rated partially compliant.
  • Terrorist Financing Offence: The country’s terrorist financing offence (R.5) has also received a partial compliance rating.
  • Regulation and Supervision of DNFBPs and Financial Intelligence Units: Gambia’s regulation and supervision of DNFBPs (R.28) and financial intelligence units (R.29) have been deemed non-compliant.

Enhancing Technical Compliance

The report highlights several areas where Gambia needs to enhance its technical compliance:

  • Targeted Financial Sanctions: The country needs to implement targeted financial sanctions related to terrorism and terrorist financing (R.6), proliferation (R.7), and non-profit organisations (R.8).
  • Customer Due Diligence and Record Keeping: Gambia’s customer due diligence (R.10) and record keeping (R.11) requirements need to be strengthened.

International Cooperation

Gambia has made significant progress in recent years in terms of international cooperation:

  • Mutual Legal Assistance Agreements: The country has signed several mutual legal assistance agreements.
  • Freezing and Confiscation: Gambia has demonstrated a commitment to freezing and confiscation (R.38).

However, there are still areas where improvement is needed:

  • Powers of Supervisors: Gambia’s powers of supervisors (R.27) need to be strengthened.
  • Law Enforcement and Investigative Authorities: The country’s law enforcement and investigative authorities (R.30) also require improvement.

Conclusion

While Gambia has made significant progress in implementing the FATF Recommendations, there are still several areas that require attention. The Gambian government must continue to work towards strengthening its regulatory bodies and improving its technical compliance with international standards. The Benin Follow-Up Report is a critical tool for assessing countries’ efforts to combat financial crime, providing a comprehensive framework for evaluating progress and identifying areas where improvement is needed.

As Gambia continues to work towards improving its regulatory framework, it is essential that the government remains committed to implementing the FATF Recommendations in full.