Gambia Takes Steps to Strengthen Anti-Money Laundering and Combating Terrorist Financing Regime
The Financial Intelligence Unit (FIU) of The Gambia recently hosted a stakeholder workshop to validate the draft Anti-Money Laundering, Combating Terrorist Financing and Proliferation Financing (AML/CFT/PF) Bill 2024. This bill aims to address technical compliance deficiencies in the country’s AML/CFT legal framework identified following the publication of The Gambia’s 2nd Round of Mutual Evaluation report in June 2022.
Strengthening Financial Resilience and Compliance
The draft bill provides a clearer and more comprehensive definition of Politically Exposed Persons (PEPs), aligning with FATF Recommendation 12. According to Alhagie Darbor, director of FIU, the bill represents a proactive step towards strengthening financial resilience, complying with international standards, and consolidating the country’s AML/CFT regime.
Commitment to Combating Financial Crime
The Gambia has demonstrated its commitment to combating money laundering and terrorist financing, as well as all forms of financial crime. Despite being the first in the ECOWAS region to score a moderate rating of effectiveness in relation to confiscation and provisional measures, the country aims to become a recognized International Financial Centre.
Why Strengthening Regulatory Confidence is Crucial
Strengthening regulatory confidence is crucial for investors, as it ensures that financial institutions operate within a robust and effective AML/CFT regime. This, in turn, protects the integrity of the financial system and promotes economic growth.
Key Quotes
- “The threat of money laundering and terrorist financing legitimizes illegal activities, undermines financial system integrity, facilitates corruption, poses significant reputation risks, and makes crime profitable.” - Siaka Bah, representative of the Central Bank of The Gambia
- “Stakeholders are urged to fully commit to implementing this legislation when it is enacted, emphasizing the importance of strengthening domestic coordination to facilitate more efficient information sharing, streamline enforcement efforts, and contribute to a robust AML/CFT regime.” - Amie Khan, representative of the Permanent Secretary at the Ministry of Finance
The Way Forward
The validation of this bill marks a decisive step towards creating a safer, more transparent, and more prosperous Gambia. The country’s commitment to combating money laundering and terrorist financing is unwavering, and stakeholders are urged to maintain their collective commitment to implementing the provisions of this Bill effectively.
Call to Action
Stakeholders are encouraged to continue working together to strengthen The Gambia’s AML/CFT regime and ensure that the country becomes a safe haven for investment. By doing so, they can contribute to a robust financial system, promote economic growth, and create a safer and more prosperous future for the people of The Gambia.