Financial Crime World

Trends in Financial Crime in The Gambia: Experts Warn of Soaring Money Laundering Cases

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The West Africa Institute for Financial and Economic Management (WAIFEM) has launched a regional course to combat the growing threat of money laundering and terrorist financing in The Gambia.

Vulnerability to Money Laundering and Terrorist Financing

Experts warn that The Gambia is vulnerable to financial crimes, citing the country’s weak regulatory framework and lack of adequate monitoring mechanisms. According to Amadou Corra, Director General of WAIFEM, “Money laundering and other financial crimes pose a significant threat to the integrity of financial systems and national security in The Gambia.”

Consequences of Money Laundering

The consequences of money laundering are far-reaching and can distort economic stability. Babucarr Cham, Director of Human Resources at the Central Bank of The Gambia, emphasized that “Money laundering could misinform policy decisions, with potential long-term consequences for the economy.”

Collective Approach Needed to Combat Financial Crimes

Corra stressed the need for a collective approach from all stakeholders, including financial institutions, regulatory bodies, law enforcement agencies, and policymakers. “It requires a concerted effort to equip officials with competencies to combat this menace in the sub-region,” he said.

Regional Course Aims to Equip Participants with Necessary Knowledge and Skills

The course aims to provide participants with the necessary knowledge and skills to detect, prevent, and respond to financial crimes. The course will cover topics such as:

  • Money laundering and terrorist financing
  • Financial crime prevention and detection
  • International cooperation and information sharing
  • Effective investigation and prosecution of financial crimes

Importance of Strengthening Financial Sector Integrity

Cham emphasized the importance of protecting economies from the threats of money laundering and terrorist financing. “The Central Bank of The Gambia has a crucial role to play in promoting measures aimed at strengthening financial sector integrity and promoting economic development,” he said.

In conclusion, experts warn that The Gambia is facing a surge in financial crimes, including money laundering and terrorist financing. It is essential for all stakeholders to work together to combat these threats and protect the country’s economy.