Financial Crime World

Regulatory Bodies for Financial Crime in Gambia

The Gambian government has taken steps to improve its regulatory bodies to combat financial crime, but more needs to be done to effectively prevent money laundering and terrorist financing.

Challenges in Combating Financial Crime

The country’s mutual evaluation by the West African Financial Action Task Force (GIABA) identified several deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The Financial Intelligence Unit (FIU), responsible for implementing the law, remains semi-operational due to lack of clarity on its budget and personnel size.

  • Only five out of 14 suspicious transaction reports received in 2012 were forwarded to law enforcement agencies for further investigation.
  • There have been no records of money laundering or terrorist financing convictions in the country.

Progress Made

Despite these challenges, the Gambian government has made some progress in implementing the recommendations from its mutual evaluation report. The government has:

  • Appointed a Chief Executive Officer for the FIU and a National Correspondent to GIABA.
  • Revised its 2003 AML/CFT bill and re-enacted a new law in July 2012.

Future Steps

To further strengthen its AML/CFT regime, the Gambian government needs technical assistance to enable authorities to put in place an effective AML/CFT regime and bolster the fight against transnational organized crime. This includes:

  • Training and mentoring for judicial authorities, law enforcement agencies, and specialized investigating and prosecution agencies that deal with AML/CFT issues.
  • Improving oversight supervision over financial and non-financial institutions.

Conclusion

While the Gambian government has taken some steps to improve its regulatory bodies to combat financial crime, more needs to be done to effectively prevent money laundering and terrorist financing. The country needs:

  • To test the law by bringing offenders to justice.
  • To put in place a proper mechanism for freezing and confiscating criminal assets as contained in the Financial Action Task Force (FATF) recommendations.

Ultimately, it is crucial for the Gambian government to take concrete steps to address these challenges and improve its AML/CFT regime to prevent financial crime.