Financial Crime World

Gambia Takes Bold Step Against Terrorism Financing

The Gambia has taken a significant move to combat terrorism financing by launching a workshop to refine its Anti-Money Laundering (AML) and Combating of Terrorist Financing Bill.

Strengthening Financial Resilience

The draft legislation aims to strengthen the country’s financial resilience, comply with international standards, and consolidate its AML/CFT regime. According to Alhagie Darboe, Director of the Financial Intelligence Unit (FIU), the bill is not just a response to external scrutiny but a proactive step towards enhancing the regulatory framework.

Key Features of the Draft Legislation

  • Provides a clearer definition of Politically Exposed Persons (PEPs)
  • Addresses challenges posed by Money or Value Transfer Services (MVTS) and emerging technologies, including Virtual Assets
  • Enables the agency to enforce compliance without requiring a court order
  • Enhances the effectiveness of sanctions against breaches

Commitment to Combating Financial Crimes

The Gambia remains committed to combating money laundering and terrorist financing. Siaka Bah, representative of the Central Bank of The Gambia (CBG), stressed that strengthening regulatory confidence is crucial for investors and expressed the CBG’s commitment to collaborating with domestic and international authorities to combat financial crimes.

Domestic Coordination and Collaboration

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

Provisions for Domestic Coordination and Collaboration

  • Enhances collective efforts in combating money laundering and terrorist financing
  • Aims to promote a safer financial environment and encourage investment

A Game-Changer for The Gambia

The draft AML/CFT Bill 2024 is set to be a game-changer in The Gambia’s fight against terrorism financing, solidifying the country’s reputation as a safe haven for investment and promoting economic growth.

Conclusion

With this bold step, The Gambia has demonstrated its unwavering commitment to upholding principles of justice, transparency, and integrity, paving the way for a brighter financial future.