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| GIABA’s director of research, Mr Mu’Azu Umaru speaking on behalf on director general of GIABA, Adama Coulibaly - Photo Credit: MSJoof/TNBES/GNJaML |
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.
Home run strategy
“The strategy
will be a home run and an acceleration pedal for the country,” he said. “GIABA
stands ready to provide the necessary support to The Gambia in order to enable
it accelerate the pace of implementing the strategy when approved by the
national authorities.”
But, he said
the relevant action plans need to be developed as quickly as possible to enable
the full implementation of the strategy.
“It is equally
important for The Gambia t adequately in the implementation of the strategy and
put in place adequate monitoring and evaluation mechanisms to ensure full
accountability,” added Coulibaly, who was represented by GIABA’s director of
research, Mr Mu’Azu Umaru.
Rectify
outstanding issues
Kebba Touray, Gambia’s Minister of
Finance, said the technical support provided by GIABA in the development of the
national strategy is commendable.
“It will help the country to rectify the
outstanding issues highlighted in the GIABA Mutual Evaluation Report on The
Gambia published in 2008,” he said in a statement delivered on his behalf by
Ousman Sonko, Minister of the Interior.
That Mutual Evaluation Report had recommended for
Gambia to adjust it laws on money laundering (the Money Laundering Act 2003 and
the Anti-Terrorism Act 2002) among other policy issues.
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| Location map of the Gambia Equirectangular projection. Geographic limits of the map: N: 14.3° N S: 12.6° N W: 17.0° W E: 13.6° W (Photo credit: Wikipedia) |
Mr Touray said The Gambia has made significant
efforts at beefing up its machinery to combat the social evils of money
laundering and terrorism financing.
“The Financial Intelligence Unit (FIU) has been
established and the Director of the FIU was appointed in November 2012. The
Government has provided budget to the FIU for its effective operation.”
‘Made steady
progress’
Gambia’s FIU Director
Yahya Camara said the country is making “steady
progress” to rectify the existing gaps – including receipt and analysis of
suspicious transactions for investigation, establishment of an
Inter-Ministerial Committee, and issuance of Guidelines to reporting entities
among others.
However, he said despite the achievements, there are
key deficiencies which remain outstanding.
These include: “the non-ratification of the 1999 UN
International Convention for the Suppression of Terrorism Financing,
non-ratification of the 2003 UN Convention against Corruption, the exclusion of
cash transaction reporting from AML/CTF Act 2012.
“No AML/CTF obligations on NGOs, inadequate AML/CFT
trainings for bank staff, foreign [exchange] bureaus and insurance companies,
low investment in technology for AML/CFT measures, no ML/TF risk assessment has
been conducted, and lack of adoption of
appropriate internal control measures against ML/TF.”
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| Gambia's solicitor general and legal secretary, Basirou Mahoney, speaking on behalf of Justice Minister Mama Fatima Singhateh (Photo credit: MSJoof/TNBES/GNJaML) |
Predicate crimes
criminalised
Mama Fatima Singhateh, Minister of Justice, said the
predicate crimes [offences that lead to] of money laundering have been
criminalised in The Gambia’s criminal code and other legislations.
Speaking though her solicitor general, Basirou
Mahoney, she said the country will continue to assess its laws and take
appropriate measures in putting in place a strong legal regime to appropriately
fight money laundering, terrorism financing an all predicate crimes.
Money laundering is simply the process of making the
proceeds of crime to appear to have legitimate origin, according to GIABA.
The proceeds or wealth to be laundered can be
generated from a number of criminal acts including trafficking in drugs, sexual
exploitation, trafficking in humans, bribery and corruption, fraud,
counterfeiting currency, and smuggling among others.
In the next
two days, security agencies, bankers and other players in the financial sector
will work to develop what would become Gambia’s National AML/CFT Strategy.
This entry first appeared on GNJaML, click HERE
Written by Modou S. Joof
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