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What is Money Laundering in The Gambia?

In an effort to combat the menace of money laundering, the Financial Intelligence Unit (FIU) of The Gambia has organized a training program for financial institutions. This move is part of efforts to strengthen anti-money laundering capacities in West Africa, with support from the European Union and other international partners.

What is Money Laundering?

Money laundering is a serious crime that involves the processing of criminal proceeds to disguise their illegal origin. It enables criminals to enjoy their ill-gotten gains without being detected or held accountable for their actions.

• The goal of many criminal acts is to generate a profit, which can come from illegal activities such as:
  • Arms sales
  • Smuggling
  • Organized crime
  • Embezzlement
  • Insider trading
  • Bribery
  • Computer fraud schemes

Techniques Used by Criminals

Criminals use various techniques to launder money, including:

• Disguising the sources of funds
• Changing the form or structure of funds
• Moving funds to a place where they are less likely to attract attention

Consequences of Money Laundering

The consequences of money laundering can be devastating, as it undermines trust in financial institutions and the economy as a whole.

FIU’s Training Program

The FIU’s training program aims to educate financial institutions on how to:

• Identify suspicious transactions
• Report suspicious transactions
• Comply with anti-money laundering regulations

This is a crucial step towards preventing money laundering in The Gambia and protecting the country’s financial system from criminal activity.