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.

Director of Financial Intelligence Unit promises to work with anti-money laundering journalists

The director of the Financial Intelligence Unit (FIU) has promise to work with the Network of Journalists against Money Laundering and Terrorism Financing – The Gambia, a national chapter of the sub-regional network. 

Mr Yahya Camara said his unit is ready to work with the network to see how best the right information on the scourges of the twin evils of Money Laundering and Financing Terrorism (ML and FT) reach the masses.  The FIU is established by an Act of the parliament and it is mandated to render services such combating  ML and FT in The Gambia.

(L - R) Mr Drammeh, Mr Jahateh and Mr Camara

Mr Camara was speaking to members of the network during a courtesy call to his office, located within the Central Bank of The Gambia in Banjul, on Wednesday. 

Speaking earlier, Lamin Jahateh, coordinator of the network, said the purpose of the visit is to formally introduce the network to the FIU, and to discuss areas that the FIU can collaborate with the network, as part of the network’s 2014 action plan.

The main objectives of the network include complementing the efforts of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in combating economic and financial crimes in the sub-region with a view to protect the national economies and financial systems from M L. 

The network has aims to also to build the capacity of journalists to report well on issues pertaining to money laundering and terrorism financing.

Mr Jahateh said this year; the network intends to organize a seminar to familiarise journalists with the Anti-Money Laundering and Counter Financing Terrorism Act of The Gambia. 

This is to help journalists to be au fait with the tools and knowledge needed to do a proper reporting and analysis of the twin crimes. 

He also told the FIU boss that the network intends to hold symposium on International Anti-Corruption Day, 9^th December.  The event will be staged to raise awareness on the menace of corruption as it is one of the sources where people derive illicit fund to launder or to finance criminals.

The network also has plans to prepare and publish an E-Newsletter that will contain quality reports and feature articles on ML and FT, as part of its efforts to disseminate information on the twin crimes.

Welcomed initiatives

Mr Camara, director of the FIU, said the initiatives of the network are welcome and that the FIU will see how best they can collaborate with the network.