Strengthening Financial Intelligence Unit Functions Against Money Laundering and Terrorism Financing in Gambia
The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) has collaborated with the Gambia Financial Intelligence Unit (GFIU) to develop anti-money laundering and counter-terrorism financing strategies that will prevent or frustrate the efforts of money launderers and other financial criminals in The Gambia.
National Workshop on Anti-Money Laundering and Combating Terrorism Financing Strategy
A national workshop was held at the Kairaba Beach in Senegambia, where stakeholders from various sectors gathered to discuss the development of an Anti-Money Laundering and Combating Terrorism Financing Strategy for The Gambia. Participants included representatives from the Central Bank of The Gambia, commercial banks, finance, interior and justice ministries, real estate industry, the Gambia Police Force, immigration department, and others.
Key Objectives
- Develop an effective anti-money laundering and counter-terrorism financing framework
- Implement all recommendations made by GIABA to ensure a robust and effective framework
- Rectify key deficiencies remaining outstanding
Outstanding Deficiencies
Lack of National Regulation/Mechanism for Implementing UN Security Council Resolutions 1267, 1373 & Subsequent UN Resolutions
No AML/CFT Obligations on NGOs
Inadequate Supervision of DNFBPs (Designated Non-Financial Businesses and Professions) Sector
Low Level of STR (Suspicious Transaction Report) Reporting
Commitment to Implementation
GFIU Director Yahya Camara emphasized that the fight against crimes has received high political support and commitment in The Gambia. President Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh has directed that all deficiencies be rectified. With the support of relevant authorities, Camara believes that this will be achieved.
Conclusion
The Gambia Financial Intelligence Unit is committed to implementing the requirements of the Anti-Money Laundering and Combating Terrorism Financing Act 2012. The achievement of a robust AML/CFT regime will reinforce the existing peace and stability in The Gambia, known as the “Smiling Coast”.