GAMBIA MOVES TO STRENGTHEN ANTI-MONEY LAUNDERING REGIME

The Republic of Gambia has taken a significant step towards enhancing its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime with the validation of a new draft Bill. This legislation aims to strengthen the country’s AML/CFT framework, addressing technical compliance deficiencies identified in the existing legal framework.

Key Features of the New Bill

• Clearer Definition of Politically Exposed Persons (PEPs): The Bill provides a clearer definition of PEPs, which will help mitigate risks associated with this high-risk group.
• Administrative Sanctions: The Bill enables the Financial Intelligence Unit (FIU) to enforce compliance without the need for a court order, enhancing the effectiveness of the country’s sanctions regime and ensuring that breaches of AML/CFT obligations are adequately penalized.

Importance of Strengthening the Regulatory Framework

According to Alhagie Darboe, Director of the FIU, “The Bill will enhance our regulatory framework by addressing challenges posed by Money or Value Transfer Service (MVTS) and emerging technologies, including Virtual Assets.” This proactive step towards strengthening the country’s financial resilience and complying with international standards is crucial for maintaining a safe and transparent financial system.

Stakeholder Commitment

Siaka Bah, representative of the Central Bank of The Gambia (CBG), emphasized the importance of strengthening the regulatory confidence that investors have in the country. “The threat of money laundering and the financing of terrorism remains a pervasive challenge,” he said. “When financial institutions are used by criminals or terrorists, it not only tarnishes the institution’s reputation but also that of our entire country.”

Amie Khan, representative of the Permanent Secretary at the Ministry of Finance, called on stakeholders to fully commit to implementing the legislation when it is finally enacted. She emphasized the importance of domestic coordination and collaboration among Competent Authorities to enhance collective efforts in combating money laundering and terrorist financing.

Conclusion

The validation exercise is a significant step towards creating a safer, more transparent, and more prosperous Gambia. The country’s commitment to combating money laundering and terrorist financing remains unwavering, and the new legislation will help strengthen its AML/CFT regime.