Abubakar Tambedou, Minister of Justice and Attorney General announced plans by the government of The Gambia to criminalize money laundering in the country; saying steps are being taken to criminalizing money laundering and related offences of money laundering in the country, except Market manipulation.
He made the remarks at the opening ceremony of the 30th Inter -Governmental Action Group against Money Laundering in West Africa plenary and technical commission meeting underway at Kairaba Beach Hotel.
He added that the country has “drafted the Capital Markets Bill expected to be passed into law in the very near future.”
“This will criminalize Market Manipulation and will ensure the Gambia full compliance in criminalizing all the predicate offences of Money Laundering and Terrorism Financing,” he said.
According to him, Money Laundering can cause problems for developing countries in such as the Gambia which is struggling to attract investors.
He said, a study conducted by ADB through illicit financial flow caused yearly in Africa cost 50 billion dollars.ML can caused major security risk and endangered financial interest.
He said: “Since the enactment of Money Laundering Bill Act in 2003 and in 2007 it established the Financial Intelligence Unit under the Financial Supervision Department of the Bank and my ministry has drafted the Anti Corruption bill which will be soon enacted at the National Assembly.”
Mr Alagie Darboe, Director of Financial Intelligence Unit, FIU together with Central Bank of The Gambia, over the years have been working towards ensuring effective supervision of the financial services sector through the issuance of guideline on reporting cash transaction reports by the commercial banks and micro finance institutions.
He said the FIU develops a National Strategy against Money Laundering and Terrorism Financing 2014 to 2019 to combat Money Laundering and Terrorism Financing (ML/TF).
The strategy document aimed at developing a comprehensive domestic and legislative framework against ML/TF and other forms of crimes.
“It will face out next year an evaluation will be done to assess the achievements registered and another 5 years strategy document will be developed focusing on other key areas” he concluded.
Author: Sulayman Waan
