The Financial Intelligence Unit (FIU) and the Secretariat of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) holds a preliminary meeting last Friday to discuss the evaluation findings on Anti-money laundering (AML) and countering of finance terror (CFT) in The Gambia.
The exercise was conducted to analyze the state preparation to process automation for financial risk analysis and filing suspicious activity reports (SAR). The assessment has undoubtedly been a critical yet, impactful experience for all stakeholders involved in the practice. The active participation and cooperation of stakeholders of the country AML/CFT system throughout the assessment have been remarkable.
The focus of the second round of Mutual Evaluation now shifts to the on-site phase, ensuring that The Gambia will continue to fully co-operate with the GIABA Secretariat and the assessment team.
It is necessary to indulge in regular practice and update regulations of West Africa as a global standard. The soundness of the financial system and the national economy depends on the AML/CFT framework. It is also a requirement by the Financial Action Task Force (FATF). It helps to moderate the activities on a global scale and mitigate risks of financial crime, said Darboe.