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| Yahya Camara Gambia FIU Director and GIABA National Coorrespondent (Photo Credit: LJahateh/GNJAML) |
By
Lamin Jahateh
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.
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