Gambia to amend money laundering deficiencies or risk being blacklisted

By Lamin Jahateh

Gambia Flag

A number of strategic deficiencies have been identified in The Gambia efforts to tackle money laundering and terrorism financing, although it has registered some progress in tackling the twin evils.

The 2013 annual report of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), released on Monday showed that The Gambia has not addressed a number of the strategic deficiencies in its Anti-money laundering and counter financing of terrorism (AML/CFT) system.

GIABA, an arm of Ecowas mandated to fight money laundering and terrorism financing in the sub-region, said the most crucial of these deficiencies are the non-criminalization of the full range of predicate offences, absence of effective laws and procedures for implementing United Nations Security Council (UNSC) Resolutions 1267 and 1373, and lack of ratification of various instruments on counterterrorism.

Imminent drastic actions

At the GIABA November 2013 plenary, The Gambia was called upon to demonstrate greater commitment to the implementation of its AML/CFT measures.

The country was directed to address its AML/CFT strategic deficiencies among others failing which a public statement will be published on the country.

Also, if the deficiencies are not addressed urgently, GIABA said The Gambia will soon be blacklisted for not making sufficient progress to improve its AML/CFT system.

“The consequences of this action on the country’s economy will be enormous,” the report stated, though it does not specified the repercussion.

In the report, GIABA said these serious measures have been taken against The Gambia because of the high risk associated with the country’s low compliance to international standards to tackle money laundering and terrorism financing.

For GIABA, The Gambia therefore needs to mobilize all required resources, including political commitment at the highest level, in order to mitigate the money laundering and terrorism financing risks it faces.

Gambia real estate sector provides conduit for illicit money to be laundered

By Lamin Jahateh

The Gambia’s booming real estate sector has provided a conduit, a channel through which drug traffickers, corrupt people and other criminals involve in illicit financial activities to launder their ill-gotten gains.

The 2013 annual report of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), released on Monday, stated that the most prevalent predicate crimes in the country in 2013 were drug trafficking, corruption, tax fraud, bank fraud and fraud in other investments.

Monies generated from such criminal ventures are typically laundered through the real estate, cross-border cash movements, and banks.

Real estate sector

The rapid development in The Gambia’s real estate sector is increasingly becoming a cause for concern as it is one of the sectors that are most vulnerable to the activities of money launderers.

The country continues to witness tremendous development in the construction and real estate sector with strong foreign direct investment.  Almost all the major coastal and some inland towns and villages have at least one housing estate or individual properties situated randomly for sale. 

However, the increased pace of economic development in the real estate sector also presents a challenge to the country.  This is so because The Gambia is yet to fully develop a regulatory framework to shield itself against criminals using real estate to launder their ill-gotten money or proceeds from criminal activities.

Gambia's stability “built on coercion” than freedom and democracy

By Lamin Jahateh

President Jammeh

The Gambia has remained politically stable since the military coups of 1994 that brought the incumbent president, Yahya Jammeh, to power, the 2013 report of an Ecowas institution has noted in its analysis of the political situation of The Gambia. 

However the political stability in the country is “generally perceived” to have been built on coercion rather than on civil liberties, fundamental freedoms, democratic culture and popular participation, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) stated in its latest annual report, released on Monday.

“Democratic politics and human rights are still limited under a system where the ruling Alliance for Patriotic Reorientation and Construction Party dominates the political space, and there is little tolerance for dissent,” the sub-regional institution mandated to fight money laundering and terrorism financing in the sub-regional said in its report. 

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 university student wins anti-money laundry speech competition in Ghana

Gabriel Bangura, a second year law student at the University of The Gambia (UTG), has emerged second at a recently concluded speech competition held in Ghana, organised by the Inter-governmental Action Group against Money Laundering in West Africa (GIABA).  

The competition attracted participants from four other universities in Ghana, Nigeria, Sierra Leone and Liberia. 

It was centred on topics such as: the impact of anti-money laundry and terrorist financing in West African economies and the role of the youth in fighting terrorism, and what inter-governmental organisations can do to prevent money laundry. 

The competition was won by Nigeria followed by The Gambia.