Gambia

New Documents

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.

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.

News

Enforcement Actions

0 Items Found


Key Documents

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 : 96/180
Score : 37/100

Tax Justice Network i

Rank : 124/133
Score : 75/100