Financial Crime World

Gambia Takes Significant Step towards Strengthening Anti-Money Laundering and Combating Terrorist Financing Regulations

A Proactive Move towards Financial Resilience

The Financial Intelligence Unit (FIU) of The Gambia has recently hosted a stakeholder workshop to validate the country’s draft Anti-Money Laundering, Combating Terrorist Financing, and Proliferation Financing Bill 2024. This significant development comes in response to the country’s 2nd Round of Mutual Evaluation report published in June 2022, which identified technical compliance deficiencies in The Gambia’s AML/CFT legal framework.

Strengthening Financial Resilience

The proposed bill provides a clearer and more comprehensive definition of Politically Exposed Persons (PEPs), aligning with FATF Recommendation 12. According to Alhagie Darbor, Director of FIU, the draft bill represents a proactive step towards strengthening financial resilience, complying with international standards, and consolidating The Gambia’s AML/CFT regime.

Commitment to Combating Money Laundering and Terrorist Financing

The country’s commitment to combating money laundering and terrorist financing remains unwavering. As evidenced by its moderate rating in the ECOWAS region for effectiveness in relation to confiscation and provisional measures, The Gambia is committed to strengthening regulatory confidence. Siaka Bah, representative of the Central Bank of The Gambia (CBG), emphasized the importance of strengthening regulatory confidence as The Gambia aims to become a recognized International Financial Centre.

Threats Posed by Money Laundering and Terrorist Financing

Bah noted that money laundering and terrorist financing pose significant threats, undermining the integrity of the financial system, facilitating corruption, and jeopardizing international business relations. He stressed that CBG is committed to collaborating with domestic and international authorities to effectively combat all forms of financial crimes and ensure The Gambia becomes a safe haven for investment.

Implementing the Legislation

Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, urged stakeholder institutions to fully commit to implementing the legislation when it is finally enacted. She emphasized that strengthening domestic coordination will facilitate more efficient information sharing, streamline enforcement efforts, and contribute to a robust AML/CFT regime.

A Crucial Step towards Financial Transparency

The validation workshop marks an important milestone in The Gambia’s efforts to strengthen its anti-money laundering and combating terrorist financing regulations. As the country moves forward, it is crucial that all stakeholders maintain their collective commitment to implementing the provisions of this bill effectively, ensuring a safer, more transparent, and more prosperous Gambia for all.

Key Takeaways

  • The Gambia has made significant progress in strengthening its AML/CFT legal framework
  • The proposed bill provides a clearer definition of Politically Exposed Persons (PEPs)
  • Strengthening regulatory confidence is crucial for The Gambia’s aim to become an International Financial Centre
  • Money laundering and terrorist financing pose significant threats to the financial system and international business relations
  • Effective implementation of the legislation is key to ensuring a robust AML/CFT regime