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Financial Institutions Under Scrutiny: Government Launches New Measures to Combat Money Laundering
In a bid to curb the menace of money laundering and other financial crimes, the government has introduced new measures aimed at strengthening the oversight of financial institutions. The measures, outlined in the recently passed Financial Institutions Act, 2023, require financial institutions to maintain accurate records of business transactions for a minimum period of six years.
Enhanced Transparency and Accountability
According to Section 12(a) of the Act, financial institutions must keep a record of all business transactions, including those involving cash and negotiable bearer instruments. This move is aimed at enhancing transparency and accountability in the financial sector, making it easier for regulators to track suspicious transactions and identify potential money laundering activities.
On-Site Inspections
The government has also granted the Supervisory Authority powers to enter the premises of financial institutions during normal working hours to inspect records and interview staff. This provision, outlined in Section 13(1) of the Act, allows regulators to conduct on-site inspections to ensure compliance with anti-money laundering regulations.
New Penalties for Non-Compliance
In a related development, the government has introduced new penalties for individuals who fail to report large cash transactions when leaving The Gambia. Under Section 16 of the Act, any person found guilty of failing to report such transactions can be fined not less than ten thousand dalasis.
Experts Welcome New Measures
The new measures have been welcomed by financial experts, who say they will help to strengthen the country’s anti-money laundering regime and prevent the misuse of financial systems for illegal activities.
“We commend the government for taking a bold step in introducing these new measures,” said a financial expert. “These changes will help to improve transparency and accountability in the financial sector, making it easier to detect and prevent money laundering activities.”
Key Provisions of the Financial Institutions Act, 2023
Here are some key provisions of the newly passed law:
- Financial institutions must keep records of business transactions for at least six years.
- The Supervisory Authority has powers to enter financial institution premises during normal working hours to inspect records and interview staff.
- Individuals found guilty of failing to report large cash transactions when leaving The Gambia can be fined not less than ten thousand dalasis.
- Financial institutions must comply with guidelines and training requirements issued by the Supervisory Authority.
- The Supervisory Authority has powers to issue instructions to financial institutions to ensure compliance with anti-money laundering regulations.
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