Financial Intelligence Unit of The Gambia (FIU) recently organized the fourth training session for of Casino operators, betting centres as well as dealers in precious stones and metal on Monday 25th March, 2019 at a local Hotel in Kololi funded by the European Union (EU) in collaboration with GIABA.
Established as an Agency by the government of The Gambia to combat Money Laundering, Terrorism Financing and other criminal conducts as provided in the Anti-Money Laundering Act 2012.
This training is in conjunction with numerous trainings conduct on stakeholders that are likely exposed to money laundering.
In his opening statement, Lamin Camara Permanent Secretary Ministry of Petroleum and Energy said precious minerals sector has been found to be vulnerable to Money Laundering and Terrorist Financing risks due to the possibility of been purchased with illegal funds such as the proceeds of drug or human trafficking which is also used as a cover for laundering illicit funds, purchasing prohibited or restricted items such as drugs and weapon.
Camara re-echoed the Ministry's willingness with support from the Gambia Government in combatting this menace through working with partners in raising awareness on the trend it takes. He noted that, a research studies on precious minerals sector conducted by International Monetary Fund (IMF) in 2014, highlighted that the trade in precious stones and metals has been linked to illicit financial flows, corruption, smuggling, drug trafficking, and the financing terrorism.
He said The Gambia is in the list of vulnerable countries in this sector while calling on all stakeholders to strictly join force in tackling it seriously and work together to ensure that the Gambian financial system is not compromised, He emphasized.
Alagie Darboe Director of Financial Intelligence Unit (FIU) who doubles as the GIABA National correspondent said FIU is conducting these series of trainings for participants from these various sectors, aimed at harmonizing and ensuring the implementation of the preventive measures on money laundering, both in the Gambia and within the West African Sub-Region.
Darboe said he is confident that by the end of this training workshop, more knowledge and awareness will be gained in terms of the required measures relevant to AML/CFT compliance that when applied, will safeguards against these vulnerabilities and in turn maintain the integrity of the Gambian financial system.
Darboe urges participants to collaborate with the FIU to combat all forms of financial crimes in the country which will strengthen the efficiency and effectiveness of financial investigation, and protect the financial integrity of the country. “With that kind of system in place, it could be a source of confidence to investors to continue investing in the country, which in turn could enhance our economic growth”. Darboe concluded.
Other dignitaries present was the Deputy Permanent Secretary Ministry of Tourism and Culture the Representative of the EU country Representative.
CASINOS AND GAMBLING OPERATORS TRAINED ON ANTI-MONEY LAUNDERING
