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Gambia’s Fight Against Money Laundering and Terrorist Financing: Progress Made, Challenges Remain
Banjul, The Gambia - The Gambian government has made significant progress in its efforts to combat money laundering (ML) and terrorist financing (TF), but challenges persist, according to a recent report.
Key Threats Identified
The report assessed the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime and identified several key threats, including:
- Fraud
- Drug trafficking
- Theft
- Bribery
- Corruption
However, the authorities’ understanding of these threats is limited, particularly in relation to organized crime, illicit goods trafficking, and virtual assets.
National Counter-Terrorism Strategy
The report noted that while The Gambia has a national counter-terrorism strategy, it does not yet incorporate combating the financing of terrorism (CFT). The government has also drafted a national counter-terrorism strategy, but it has not been adopted.
Risk Assessment
In terms of risk assessment, the report identified several high-risk areas, including:
- Banking
- Foreign exchange
- Remittance
- Real estate
- Casinos
- Digital payment methods
The authorities have taken some measures to mitigate these risks, such as supervising the real estate sector. However, the size of the informal sector and the use of cash in transactions remain significant concerns.
Cooperation and Coordination
The report also noted that competent authorities are beginning to align their objectives and activities with national ML/TF risks and the national AML/CFT plan (NRA-AP). However, there is still a lack of resources and specific policy guides to focus efforts on complex and higher-risk ML cases.
Additionally, the Financial Intelligence Unit (FIU) has started targeting high-risk sectors, but its effectiveness in addressing other DNFBPs (designated non-financial businesses and professions) remains unclear. The National Counter-Terrorism Committee (NCC) was established to coordinate AML/CFT policy and operational matters, but it has yet to produce any strategic initiatives.
Private Sector
The private sector has also been identified as a key player in the fight against ML/TF, with some institutions taking steps to mitigate risks. However, there is still a need for greater awareness and education among financial institutions and other stakeholders.
Conclusion
Overall, while progress has been made in The Gambia’s fight against ML/TF, challenges persist, and further efforts are needed to strengthen the country’s AML/CFT regime.