Financial Crime World

Gambia’s Financial Inclusion and Anti-Money Laundering Efforts Under Scrutiny: Report Reveals Progress and Room for Improvement

A comprehensive evaluation of Gambia’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures has been conducted, assessing the country’s compliance with international standards. The report, based on the 2012 Financial Action Task Force (FATF) Recommendations and methodology, provides a snapshot of Gambia’s AML/CFT system as it stood at the time of an on-site visit.

Assessment Highlights

  • Gambia has made significant progress in implementing its AML/CFT framework.
  • However, there is still room for improvement in certain areas.

Key Findings and Priority Actions

Legislative Framework

  • Establish a robust regulatory environment to enhance supervisory authorities’ effectiveness.
  • Develop more effective sanctions and enforcement mechanisms to deter non-compliance.

Supervisory Authorities

  • Enhance cooperation between relevant authorities to improve information sharing and coordination.
  • Strengthen supervisory capacities to ensure effective monitoring of financial institutions.

Enforcement Mechanisms

  • Implement more effective sanctions and enforcement mechanisms to deter non-compliance.
  • Develop a robust system for reporting and investigating suspicious transactions.

Room for Improvement

The report identifies areas where Gambia can improve its AML/CFT system, including:

  • Enhancing cooperation between relevant authorities
  • Developing more effective sanctions and enforcement mechanisms
  • Strengthening supervisory capacities

Recommendations for Improvement

To further strengthen its AML/CFT system, the report provides recommendations aimed at:

  • Improving financial inclusion
  • Enhancing supervisory capacities
  • Increasing international cooperation

By implementing these measures, Gambia can further bolster its reputation as a responsible and compliant financial jurisdiction.

Full Report Available Online

The full report is available online, providing a detailed analysis of Gambia’s AML/CFT framework and recommendations for improvement.