Financial Crime World

Gambia Takes Steps to Combat Money Laundering and Finance Terrorism

The Gambian government has intensified its efforts to prevent money laundering and finance terrorism by implementing anti-money laundering (AML) and combating of terrorism financing (CFT) strategies. This move is aimed at strengthening the country’s efforts to combat these illegal activities, thereby reinforcing peace and stability in The Gambia.

Collaboration with GIABA and Development of AML/CFT Strategy

The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and the Gambia Financial Intelligence Unit have collaborated to develop an AML/CFT strategy. This strategy is expected to identify strategic and specific objectives and action plans to achieve them, helping The Gambia rectify existing gaps in its AML/CFT framework.

Progress Made and Outstanding Deficiencies

The Gambia Financial Intelligence Unit Director, Yahya Camara, noted that the country has made significant progress in addressing deficiencies highlighted by GIABA. However, some key deficiencies remain outstanding and need to be addressed. These include:

  • Non-ratification of international conventions on terrorism financing and corruption
  • Lack of national regulation for implementing UN Security Council Resolutions
  • Inadequate AML/CFT training for bank staff

Stakeholder Workshop and Commitment to Rectify Deficiencies

A national workshop was held to discuss key outstanding deficiencies in The Gambia’s AML/CFT framework. Stakeholders from various sectors, including the Central Bank of The Gambia, commercial banks, financial institutions, and non-governmental organizations, participated in the workshop.

The Gambian government has committed to rectifying all deficiencies in its AML/CFT framework. President Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh has directed that all deficiencies be addressed, and the government has promised to implement the requirements of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012.

Conclusion

The Gambia’s AML/CFT strategy is expected to strengthen its efforts to combat money laundering and finance terrorism. This move will reinforce peace and stability in The Gambia, ensuring a safer and more secure environment for its citizens and international partners.