Gambia Needs to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism Efforts

Banjul, The Gambia

The Gambian government has been urged to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) efforts following a recent assessment by an international team.

Assessment Findings

While The Gambia has implemented some measures to prevent money laundering and terrorist financing, significant improvements are needed to effectively address these threats. The report highlighted several areas of concern, including:

Limited understanding of money laundering and terrorist financing risks
Inadequate supervision of reporting entities
Lack of coordination among authorities on AML/CFT matters

Recommendations

The assessment identified several key recommendations for The Gambia to strengthen its AML/CFT efforts:

Strengthen understanding of money laundering and terrorist financing risks
Improve supervision of reporting entities
Enhance coordination among authorities on AML/CFT matters
Adopt national strategy against terrorism
Develop guidelines for implementation of AML/CFT obligations

Next Steps

The Gambian government will be required to implement the recommendations outlined in this report. This includes:

Strengthening its understanding of money laundering and terrorist financing risks
Improving supervision of reporting entities
Enhancing coordination among authorities on AML/CFT matters

Additionally, The Gambia will need to:

Adopt a national strategy against terrorism
Develop guidelines for the implementation of AML/CFT obligations

It is expected that the Gambian government will take immediate action to address these concerns and work towards strengthening its AML/CFT efforts.