Financial Crime World

GAMBIA: WAIFEM Regional Course Tackles Money Laundering, Financial Crimes Challenges in West Africa

A regional course on combating money laundering and other financial crimes has kicked off in The Gambia. Participants from across the West African region are set to equip themselves with the skills and knowledge needed to tackle these threats.

Course Overview

The three-day course, organized by the West Africa Institute for Financial and Economic Management (WAIFEM), aims to enhance the capacity of participants in combating money laundering and financing terrorism. The course is being held at Pencha Mii Hall in Senegambia.

Key Objectives

  • Equip officials with the necessary knowledge and skills to detect, prevent, and respond to financial crimes
  • Enhance the capacity of participants in combating money laundering and financing terrorism
  • Promote measures aimed at protecting economies from threats of money laundering and financing of terrorism and related crimes

Challenges in West Africa

Money laundering and other financial crimes are significant global issues that pose a severe threat to the integrity of financial systems and national security. The West African region is not immune to these threats, with various criminal networks exploiting the financial systems to launder illicit gain and finance terrorism.

Key Statistics

  • Money laundering has far-reaching adverse consequences on the integrity and soundness of financial systems
  • The quantum of financial and economic crimes has been on the increase and poses a threat to the integrity of the financial system
  • Organized crime is growing at an alarming rate, with negative impacts on financial systems and broader economies

WAIFEM’s Capacity-Building Intervention

Addressing these challenges requires a concerted effort from all stakeholders, including financial institutions, regulatory bodies, law enforcement agencies, and policymakers. WAIFEM’s capacity-building intervention aims to ensure that officials of relevant agencies are armed with competencies to combat financial crimes in the sub-region.

Key Partnerships

  • Financial institutions
  • Regulatory bodies
  • Law enforcement agencies
  • Policymakers

Conclusion

The course is expected to equip participants with the necessary knowledge and skills to effectively detect, prevent, and respond to financial crimes. With the rise of sophisticated methods employed by criminals, it is crucial that officials are equipped with competencies to combat these threats and protect the integrity of financial systems in West Africa.