Gambia Takes Bold Step in Combating Financing of Terrorism

The Gambia’s Financial Intelligence Unit has made a significant breakthrough by hosting a stakeholder workshop to validate the Anti-Money Laundering, Combating Terrorist Financing, and Proliferation Financing Bill 2024. This draft legislation marks a major milestone in the country’s efforts to strengthen its financial resilience and compliance with international standards.

A Proactive Step Towards Strengthening AML/CFT Regime

According to Alhagie Darbor, Director of FIU, “The bill is not just a response to external scrutiny but a proactive step towards consolidating the country’s Anti-Money Launderling and Combating Terrorist Financing regime.” He emphasized that The Gambia’s commitment to combating money laundering and terrorist financing remains unwavering.

Implementing Robust AML/CFT Measures

Siaka Bah, Representative of the Central Bank of The Gambia, highlighted the importance of implementing robust anti-money laundering and combating the financing of terrorism measures. “The threat of money laundering and the financing of terrorism is a pervasive challenge that legitimizes illegal activities, undermines financial integrity, facilitates corruption, and poses significant reputation risks,” he warned.

Collaboration and Transparency Key to Success

Bah stressed that the Central Bank will continue to collaborate with domestic and international authorities to effectively combat all forms of financial crimes and ensure The Gambia becomes a safe haven for investment. “We must maintain our collective commitment to implementing this bill effectively, which requires continued collaboration, transparency, and vigilance,” he emphasized.

Stakeholders Urged to Commit to Implementation

Amie Khan, Representative of the Permanent Secretary at the Ministry of Finance, called on all stakeholder institutions to fully commit to the implementation of the legislation when it is enacted. “It is imperative that these authorities make the best use of these provisions to enhance collective efforts in combating money laundering and terrorist financing,” she stressed.

Addressing Technical Compliance Deficiencies

The validation workshop comes after The Gambia’s 2nd Round of Mutual Evaluation report identified technical compliance deficiencies in its AML/CFT legal framework, which have been addressed through this draft bill. The country is set to become the first in the ECOWAS region to score a moderate rating of effectiveness in relation to confiscation and provisional measures.

A Safer, More Transparent, and Prosperous Economy

With the implementation of this legislation, The Gambia will be taking a decisive step towards creating a safer, more transparent, and more prosperous economy.