Financial crimes fighters from Togo and Gambia have expressed admiration for the operational approach and leadership qualities which made the Economic and Financial Crimes Commission (EFCC) a role model in Africa.
The Financial Intelligence Unit (FIU) of the Gambia under the support of “Strengthening Anti- Money Laundering Capacities in West Africa (SAMWA)” project, which is funded by the European Union in collaboration with In
Financial Intelligence Unit of the Gambia (FIU) on Monday 18th March, 2019 engaged all relevant stakeholders in the fight against Money Laundering and Terrorism at a local hotel in Gambia.
There are numerous challenges both legal, technical and regulatory in Gambia’s efforts to combat the twin economic crimes of money laundering and terrorism financing (ML and TF), although it has registered modest gain
Ministers from the countries within Economic Community of West African States are currently meeting in Banjul to discuss issues around money laundering and terrorism financing in the region.
The goal of a large number of criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance, as it enables the criminal to enjoy these profits without jeopardizing their source. Illegal arms sales, smuggling, and the activities of organized crime, including for example drug trafficking and prostitution rings, can generate huge amounts of proceeds. Embezzlement, insider trading, bribery and computer fraud schemes can also produce large profits and create the incentive to “legitimize” the ill-gotten gains through money laundering. When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention. ReadMore
