Gambia

New Documents

GIABA Trains Accountants on AML Standards

The Inter-Governmental Action Group against Money Laundering in West Africa will host a two-day anti-money laundering training session for accountants from The Gambia, Ghana, Liberia, Nigeria and Sierra Leone. The training session will be held on September 11 and 12, 2013.

September 9, 2013

GIABA: Gambia Passes New AML Law

The Inter-Governmental Action Group against Money Laundering in West Africa published a newsletter highlighting a new anti-money laundering and counterterrorism financing law in Gambia, which was passed June 27, 2012. The new law replaces the Money Laundering Act of 2003.

September 1, 2012

GIABA: Despite Recent Improvements, Gambia’s AML Regime Needs Strengthening

November 1, 2011

GIABA Releases Gambia’s AML Action Plan

May 5, 2011

GIABA: Gambia Establishes Committee of Chief Compliance Officers of Banks

December 1, 2010

News

Legal Brief: Panama Papers Turned Global Attention Toward Whistleblowers

In April 2016, the International Consortium of Investigative Journalists and Suddeutsche Zeitung began reporting on 11.5 million records leaked from Panama-based law firm Mossack Fonseca.

July 16, 2019

Weekly Roundup: Swedbank Replaces Chief Executive, Opioid Manufacturer Accused of Hiding Wealth Offshore, and More

New York regulator asks Nordea and SEB for data on ties to Danske Bank and Mossack Fonesca, U.S. officials task unidentified firm to audit Rusal, and more, in this week’s roundup.

March 29, 2019

Midweek Roundup: Taiwan Drops Probe Against Mega Bank, Trump’s Casino Repeatedly Breached AML Rules, and More

May 24, 2017

Midweek Roundup: BNP Settlement to Exceed $5 Billion, SEC Probes Investment Banks for Cartel Ties, and More

May 21, 2014

Enforcement Actions

0 Items Found

Key Documents

Gambia Enacts AML Legislation

June 19, 2003

Important Facts

  • The U.S. State Department labels Gambia as a monitored jurisdiction. It is not a regional financial center, but it is a regional re-export center. Most transactions are conducted in cash. Gambia has limited capacity to fully monitor its porous borders, and customs officials cooperate with officials in Senegal to combat smuggling along the common border. However, a lack of resources continues to hinder law enforcement’s ability to combat smuggling effectively. It is unknown to what extent laundering is related to narcotics, but recent seizures of large amounts of cocaine and marijuana have heightened concerns of drug-related money laundering. The rapid growth of commercial banks entering the local market in the past few years, currently at 12, also raises money laundering concerns. Other vulnerabilities include persistently weak controls and supervision, the dominance of cash transactions, poor know-your-customer compliance measures and large inflows of tourists.
  • KYC Covered Entities: Banks and microfinance entities; money remitters and exchanges; financial instrument and securities brokers and dealers; real estate agents; bullion dealers; casinos and lottery outlets; insurance companies and intermediaries; payroll services; guarantors and safe custody services; and trust and company service providers
  • STR Covered Entities:  Banks and microfinance entities; money remitters and exchanges; financial instrument and securities brokers and dealers; real estate agents; bullion dealers; casinos and lottery outlets; insurance companies and intermediaries; payroll services; guarantors and safe custody services; and trust and company service providers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (2015); Convictions: 0 (2015)
Source: 2017 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 9 Substantial :
Partially Compliant : 17 Moderate :
Non-Compliant : 19 Low :
Not-Applicable : 1

BASEL i

Rank : 63/141
Score : 5.29/10

TRANSPARENCY INTERNATIONAL i

Rank : 102/179
Score : 37/100

Tax Justice Network i

Rank : 124/133
Score : 75/100