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The workshop was held yesterday at the Paradise Suites Hotel in Kololi to review the draft bill, which is the culmination of extensive ongoing efforts to identify and address technical compliance deficiencies in the country’s AML/CFT legal framework following the release of The Gambia’s second round of mutual evaluation report in June 2022.
The bill provides a clearer and more comprehensive definition of Politically Exposed Persons (PEPs), in line with Financial Action Task Force Recommendation 12. It will ensure that the risks associated with such high-risk individuals are adequately mitigated.
Alhagie Darboe, Director General of the Financial Intelligence Unit“The bill is not just a response to external scrutiny, but marks a positive step towards enhancing financial resilience, complying with international standards and ultimately strengthening the national AML/CFT regime,” it said.
He highlighted some of the key aspects of the bill and said: “In addition, the bill will enhance our regulatory framework by addressing the challenges posed by money or value transfer services (MVTS) and emerging technologies, including virtual assets. This will facilitate the effective management of risks associated with these industries, in addition to helping us comply with the requirements of FATF Recommendations 14 and 15.”
He said that while the Anti-Money Laundering/Counter-Terrorism Financing Act 2012 provides for extensive sanctions for offences, none has been imposed due to procedural constraints.
He said the bill would enable the Financial Intelligence Unit (FIU) to enforce compliance without obtaining a court order, adding: “This will enhance the effectiveness of our sanctions regime and, in addition, the scope of administrative sanctions will be expanded to ensure that violations of AML/CTF obligations are adequately punished.”
He added that The Gambia’s commitment to combating money laundering and terrorist financing and all forms of financial crime “remains unwavering.” “In fact, if The Gambia’s second round of mutual evaluation report is credible, the country will become the first country in the ECOWAS region to receive a medium effectiveness rating in terms of confiscation and provisional measures,” he noted.
Siaka Bah, representative of the Central Bank of The Gambia (CBG), said that the effective implementation of strong anti-money laundering and counter-terrorism financing and proliferation measures “remains a priority for all countries”. “Strengthening investor confidence in The Gambia’s regulation is essential as we aspire to become a recognized international financial center,” he said, adding that the CBG has been implementing strict market access requirements for financial institutions to ensure the integrity of the industry.
“The threat of money laundering and terrorist financing remains a pervasive challenge as it legitimizes illicit activity, undermines the integrity of our financial system, facilitates corruption, creates significant reputational risks, and makes crime profitable,” said Mr. Bach. “When a financial institution is exploited by criminals or terrorists, it damages not only the reputation of the institution, but also the reputation of our entire country. This jeopardizes our international commercial relationships and ultimately hinders economic growth.”
He added that the Central Bank of The Gambia reiterates its commitment to work with national and international authorities to effectively combat all forms of financial crime and ensure that The Gambia remains a safe haven for investment.
“As we move forward, it is vital that we maintain our collective commitment to effectively implement the provisions of the Act,” he urged. “This will require continued cooperation, transparency and vigilance. The Central Bank stands ready to provide the necessary support and guidance to all stakeholders, especially the Financial Intelligence Unit, as we embark on this important journey together. Let us acknowledge that combating money laundering and the financing of terrorism is not only a regulatory obligation but also a moral imperative. By approving and implementing this Act, we are taking a decisive step towards building a safer, more transparent and more prosperous Gambia.”
The representative of the Permanent Secretary of the Ministry of Finance, Amie Khan, called on all stakeholders to fully commit to the implementation of the bill once it is finally enacted.
The draft Anti-Money Laundering and Countering Terrorism Financing Bill 2024 includes provisions for domestic coordination and cooperation between competent authorities.
“It is imperative that these authorities make full use of these provisions to strengthen their collective efforts to combat money laundering and terrorist financing,” she said. “Stronger domestic coordination will allow for more effective information sharing, streamlined enforcement efforts, and ultimately contribute to a more robust AML/CFT regime.”
She also told participants to be impartial in their validation efforts as their “expertise and insights are invaluable” as they work to fine-tune AML/CFT legislation to best serve the national interest.
“As we embark on this journey, let us remain steadfast in our adherence to the principles of fairness, transparency, and integrity,” she advised. “Together, we can build a future where our financial system serves as a bulwark against illicit activity, ensuring prosperity and security for all our citizens.”
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