GAMBIA TAKES STEPS TO COMBAT MONEY LAUNDERING AND TERRORISM FINANCING
Banjul, Gambia - A New Era in Anti-Money Laundering and Combating Terrorism Financing
The Government of The Gambia has taken a significant step towards combating money laundering and terrorism financing with the launch of a national workshop aimed at developing an anti-money laundering and combating terrorism financing (AML/CTF) strategy. This crucial initiative brings together stakeholders from various sectors, including the financial industry, law enforcement, and government agencies.
A Historical Background: Addressing Strategic Deficiencies
In 2008, a mutual evaluation exercise conducted by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) revealed strategic deficiencies in The Gambia’s AML/CTF regime. These included:
- Non-ratification of international conventions
- Inadequate supervision of designated non-financial businesses and professions (DNFBPs)
- Lack of effective cross-border currency declarations
Progress Made, but Much Work Remains
Despite progress made since the passage of the Anti-Money Laundering and Combating Terrorism Financing Act 2012, significant work remains to be done. The Director of the Financial Intelligence Unit (FIU), Alhagie Momodou Bah, acknowledged that while there has been some improvement in areas such as STR reporting and AML/CFT training for bank staff, much still needs to be addressed.
Workshop Objectives: Formulating Strategies to Combat Money Laundering and Terrorism Financing
The workshop aims to identify key areas of focus and develop strategies to address them, including:
- Implementation of a national AML/CFT strategy
- Improving public awareness of money laundering and terrorism financing issues
- Conducting typology exercises to determine the risks of money laundering/terrorism financing
- Investing in technology for AML/CFT measures
Presidential Commitment: Combating Crimes and Building a Robust AML/CFT Regime
The President of The Gambia, Sheik Professor Alhagie Doctor Yahya AJ.J Jammeh has expressed his commitment to combating crimes, including illicit drug trafficking, corruption, money laundering, terrorism financing, and all forms of crimes. He has directed that all deficiencies in the AML/CFT framework be rectified.
Conclusion: A New Era for The Gambia’s Anti-Money Laundering Efforts
The launch of the workshop marks a significant step towards achieving the Millennium Development Goals, Vision 2020, the PAGE and other government development blueprints. With the commitment of the President and the Director of FIU, it is hoped that this will lead to the implementation of effective strategies to address the identified deficiencies and reinforce the peace and stability characteristic of The Gambia.
The launch of this workshop demonstrates a crucial step in The Gambia’s efforts to combat money laundering and terrorism financing. With the commitment of the President and the Director of FIU, it is hoped that this will lead to the implementation of effective strategies to address the identified deficiencies and reinforce the peace and stability characteristic of The Gambia.