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 gains in combating the menaces.
“There are key deficiencies (in the country’s fight against money laundering and terrorism) which remain outstanding,” said Mr Yahya Camara, the director of the recently established Financial Intelligence Unit (FIU) which is mandated to combat money laundering and terrorism financing in The Gambia.
Speaking at the commencement of a three-day workshop to develop a national strategy to combat money laundering and terrorism in The Gambia on Tuesday at Kairaba Beach Hotel, Mr Camara said some of key outstanding deficiencies include the country’s efforts to combat ML and TF include low investment in technology for Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) measures, and lack of adoption of appropriate internal control measures against ML and TF.
Mr Camara also noted that inadequate AML/CFT training for bank staff and other financial institutions especially foreign bureaus and insurance companies is also a challenge. No ML and TF risk assessment has been conducted in the country to ascertain degree to which the country is prone to these menaces.The country has not also ratified the UN International Convention for the Suppression of Terrorism Financing, and the UN Convention against Corruption which could enhance its efforts to combat ML and TF. Other existing gaps, Mr Camara said include the general lack of public awareness of ML and TF issues; insufficient human, technical and logistical resources for relevant entities responsible to tackle the economic crimes of ML and TF.
All is not gloom
In spite of the challenges, Mr Camara said the fight against crimes especially, money laundering and terrorism financing has received the highest political support and commitment in The Gambia. As a result, the country has made steady progress to address its shortcoming and rectify the existing gaps. The FIU boss said the government has so far taken some of the steps to correct the identified deficiencies such as repeal of the Money Laundering Act 2003 and the enactment of the Anti-Money Laundering and Combating Terrorism Financing Act 2012; the inclusion of 20 offences as predicate crimes of money laundering and terrorism financing in The Gambia. An inter-ministerial committee has also been established for the different ministries that have a stake in the fight against ML and TF to collaborate. So far, The Gambia’s achievements and challenges in the fight against money laundering and terrorism financing is mixed.