The Gambia Banking System: Exposed by Widespread Fraud Schemes

A Dark Cloud Over The Gambia’s Financial Sector

A recent evaluation has shed light on a multitude of fraud schemes that have been plaguing The Gambia’s banking system. These widespread corruption and money laundering activities have been ongoing for years, with little effort from authorities to curb them.

Inadequate Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures

The report, conducted in 2013 using the Financial Action Task Force (FATF) Methodology, found that The Gambia is woefully inadequate in its AML/CFT measures. This evaluation highlighted a lack of effective regulations, poor enforcement, and inadequate supervision of financial institutions.

• Key findings:
  • Ineffective customer due diligence
  • Poor reporting of suspicious transactions
  • Inadequate record maintenance

Experts Warn of Economic Risks

Experts warn that the lax AML/CFT system has created an environment where fraudsters can operate with impunity, putting the country’s economy at risk. “The Gambia’s banking system is a breeding ground for corruption and money laundering,” said one insider. “It’s only a matter of time before this undermines the entire financial sector.”

Urgent Action Needed

The FATF has recommended urgent action to strengthen The Gambia’s AML/CFT system, including:

• Improving regulations
• Enhancing supervision
• Increasing public awareness about financial crime

If left unaddressed, the consequences could be dire for The Gambia’s economy and reputation.