Gambia Takes a Leap Forward in Fight Against Money Laundering and Terrorism Financing
The Financial Intelligence Unit (FIU) of The Gambia has recently conducted a stakeholder workshop aimed at validating the Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024. This draft bill is the culmination of intense efforts to address technical compliance deficiencies in the country’s AML/CFT legal framework identified in The Gambia’s 2nd Round of Mutual Evaluation report published in June 2022.
A Proactive Step towards Strengthening Financial Resilience
The Bill provides a clearer definition of Politically Exposed Persons (PEPs) aligned with FATF Recommendation 12. Alhagie Darbor, director of FIU, emphasized that the draft bill is not merely a response to external scrutiny but signifies a proactive step towards strengthening financial resilience and complying with international standards.
Commitment to Combating Money Laundering and Terrorist Financing
Darbor also highlighted The Gambia’s commitment to combating money laundering and terrorist financing remains unwavering. He added that the country’s 2nd Round of Mutual Evaluation report highlights its moderate rating in effectiveness for confiscation and provisional measures, making it the first ECOWAS region country to achieve this feat.
Implementing Robust Measures
Siaka Bah, representative of the Central Bank of The Gambia, emphasized the importance of implementing robust anti-money laundering and combating the financing of terrorism measures. He warned that money laundering and terrorist financing pose significant threats to financial integrity, investor confidence, and economic growth.
- Threats to Financial Integrity: Money laundering and terrorist financing can undermine financial stability and erode trust in the financial system.
- Impact on Investor Confidence: These illegal activities can damage investor confidence, leading to reduced investment and economic growth.
- Economic Growth: The proliferation of money laundering and terrorist financing can hinder economic development and prosperity.
Collective Commitment Required
Bah called on all stakeholders to maintain collective commitment to implementing the Bill’s provisions effectively, emphasizing the need for collaboration, transparency, and vigilance. He also underscored the importance of creating a safer and more prosperous Gambia by combating money laundering and terrorist financing.
Enhancing Collective Efforts
Amie Khan, representative of the Permanent Secretary at the Ministry of Finance, urged stakeholder institutions to fully commit to implementing this legislation when it is enacted. She emphasized the need for authorities to make the best use of these provisions to enhance collective efforts in combating money laundering and terrorist financing.
A Significant Step Forward
The validation of this Bill marks a significant step forward in The Gambia’s fight against financial crimes, demonstrating its commitment to strengthening domestic coordination, enhancing information sharing, and streamlining enforcement efforts.