Money Laundering Trial: Banks mandated to scrutinise financial transactions

Float from Mardi Gras 2009 in New Orleans, lampooning the money laundering trial of Louisiana State Senator Derrick Shepherd. (Photo credit: Wikipedia)

A Guaranty Trust Bank internal control officer has said [commercial] banks are mandated by the central bank of The Gambia under the Anti-Money Laundering Act to scrutnise financial transactions.  

Ali Senghore, Officer in charge of internal control at GTBank on Kairaba Avenue, was testifying Tuesday in the trial of Omar Jallow, a Gambian, accused of money laundering. 

Jallow is said to have received 38, 000 pounds (D2, 280, 000) from one Dodou Njie, a UK-based Gambian, through GTBank with intent to conceal or render assistance. 

The police said Mr Jallow knows or have reason to believe that the money has being laundered by the sender or must have being unlawfully obtained.

Gambian man charge with money laundering

Deutsch: Arch 22, Triumphbogen in Banjul, Gambia zwischen dem Independance Drive und dem Banjul-Serekunda-Highway gelegen wurde am 22. Juli 1996 eingeweiht Español: Arco 22, en la entrada de Banjul (Photo credit: Wikipedia)

The police in Banjul Wednesday charged a Gambian man with money laundering.

Omar Jallow, who denied the charge, is accused of receiving 38, 000 pounds (D2, 280, 000) from one Dodou Njie, a UK-based Gambian, through a Guaranty Trust Bank Account No: 201-1-114897-1590 with intent to conceal or render assistance.

The police said Mr Jallow knows or have reason to believe that the money has being laundered by the sender Dodou Njie or must have being unlawfully obtained.

Gambia’s fight against money laundering marred by ‘key deficiencies’

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.

Gambia beef-up machineries to prevent money laundering

Hon Ousman Sonko, Minister of the Interior delivering the statement of Finance Minister Kebba Touray (Photo Credit: LJahateh/GNJAML)

The Gambia has made significant efforts at beefing up its machineries to combat the twin evils of money laundering and terrorism financing (ML and TF), the Minister of Finance and Economic Affairs, Kebba Touray, has said.

He said the capacity of the Financial Intelligence Unit has recently been strengthened with the recruitment of more dedicated staff, in addition to the staff of the Banking Supervision department, of the Central Bank, attached to the Unit.

FIU is one of the two institutions directly responsible for implementing anti-money laundering and combating terrorism financing measures in The Gambia.

GIABA Director says Gambia should quickly finalise national anti-money laundering strategy

Participants at workshop on National AML/CFT Strategy for Gambia which officials say will be a driving force for deepening the country's AML/CFT system (Photo: MSJoof/GNJAML)

By Modou S. Joof

The director general of the Inter-governmental action group against money laundering in West Africa (GIABA), Adama Coulibaly, has advised The Gambia to “quickly finalise” its national anti-money laundering and counter-financing terrorism (AML/CFT) strategy.

Gambia has chosen to develop a national strategy that will serve as a driving force for deepening of its AML/CFT system.

In a statement read on his behalf during an April 1-3 “stakeholders workshop to develop the strategy” at a local hotel in Kololi, The Gambia, Mr Coulibaly said the timing is auspicious as the second round of evaluations for GIABA member states is set to begin in the last quarter of 2015.