Deficiencies in Gambia’s Anti-Money Laundering and Counter-Financing Terrorism compliance system

The Mutual Evaluation Report on The Gambia, by Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in 2009, noticed knowledge and capacity deficiencies among reporting entities, including compliance officers of banks, as part of the major weakness in the country’s Anti-Money Laundering and Counter-Financing Terrorism (AML/CFT) compliance regime.  Pic: Director General of GIABA, Dr. Abdullahi Shehu Correcting these deficiencies in order to guaranty the safety and soundness of the financial institutions in The Gambia was the objective of a three day National AML and CFT Compliance training workshop that commenced on Monday, 29th November 2010, at Paradise Suites Hotel for compliance officers of banks in the country.   The training was organized by GIABA in collaboration with DataPro, the leading and most experienced AML/CFT compliance training and consulting firm in Nigeria. Speaking at the occasion, the Director General of GIABA, Dr. Abdullahi Shehu said the training is the beginning of the assistance and support that GIABA will be giving to the compliance officers of banks in The Gambia. He said The Gambia remains a strategic tourist destination and an emerging financial supermarket in West Africa sub-region, and also the country is vulnerable to the risks of criminals, money launderers and terrorist trying to use the country and its institutions to perpetrate their nefarious activities. “We must therefore remain vigilant not only because of our national security, economic planning and social development but also to ensure the soundness and safety of our banks and other financial institutions,” he said. The managing of director DataPro, Mr. Abimbola Adeseyoju explained that the participants will benefit from the practical and professional experiences of the facilitators to improve on their compliances procedures, processes, programs and policies. He said the participants will be exposed to the latest techniques, solutions, patterns and trends on AML and CFT. The compliances officers would be sensitized to International Best practices of AML and CFT compliance, and the typologies of money laundering.  The training would also provide the compliance officers the knowledge and tools required to file mandatory and suspicious reports to relevant authorities.    The participants would also have the opportunity to share and listen to practical and live experiences of internal control processes, procedures, programs and policies of AML and CFT compliance.