Financial Crime World

Assessment of Money Laundering and Terrorist Financing Risks in The Gambia

Key Findings

The assessment has identified several critical issues related to money laundering (ML) and terrorist financing (TF) risks in The Gambia. These findings are summarized below:

  • Limited Understanding of ML/TF Risks:
    • Authorities have a limited understanding of the main domestic ML threats, vulnerabilities, and channels exploited to launder proceeds.
  • Inadequate Risk Assessment:
    • Risk assessments are mainly focused on higher-risk areas such as banking, foreign exchange, remittance, real estate, casinos, and DPMS sectors.
  • Insufficient Coordination:
    • Competent authorities are not fully aligned with national ML/TF risks and the National Risk Assessment - Action Plan (NRA-AP).
  • Inadequate Policy Setting:
    • The National Counter-Terrorism Strategy is yet to be adopted, which incorporates CFT.
  • Limited Cooperation and Coordination:
    • AML/CFT cooperation and coordination at the operational level are evolving but require improvement.

Recommendations

To address these findings, several recommendations have been made:

  1. Develop a Comprehensive Understanding of ML/TF Risks: Enhance knowledge of ML threats, vulnerabilities, and channels exploited to launder proceeds.
  2. Enhance Risk Assessments: Focus on all identified high-risk areas to ensure a more comprehensive understanding of ML/TF risks.
  3. Improve Coordination Among Authorities: Align competent authorities with national ML/TF risks and the NRA-AP for better coordination and cooperation.
  4. Adopt a National Counter-Terrorism Strategy: Incorporate CFT into the National Counter-Terrorism Strategy to address TF risks effectively.
  5. Strengthen Cooperation and Coordination: Widely expand key risk areas to improve operational level cooperation and coordination.

Next Steps

Implementing these recommendations will require a coordinated effort from various authorities in The Gambia. By addressing these findings and implementing the recommended actions, The Gambia can strengthen its efforts against money laundering and terrorist financing risks.