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Sunday, December 6, 2020

FIU validate terrorism financing risk assessment report

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By Maimuna Sey-Jawo

The Financial Intelligence Unit of The Gambia (FIU), Saturday completed a three-day validation of a Money Laundering and Terrorism Financing Risk Assessment report.

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Organised at a hotel in Kololi, the report seeks to identify and assess money laundering and terrorism financing threats and vulnerabilities faced by different sectors of our country.

The program was funded by the Inter Governmental Action Group Against Money Laundering in West Africa (Giaba)
Speaking, the director of FIU, Alhagie Darboe, said the ratification exercise was conducted to fulfill part of the provisions of Recommendation 1 of the Financial Action Task Force’s (FATF) set of 40 Recommendations, which serves as the main guide for all Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) efforts globally.

“The recommendation states that countries should identify, assess and understand the money laundering and terrorist financing risks for the country, and should take action… aimed at ensuring the risks are mitigated effectively.

This is also emphasised by Giaba who came up with an action plan for member states to conduct their respective NRA,” he explained.

He said it is in this spirit that, the government of The Gambia through a cabinet paper approved the conduct of National Money Laundering and Terrorism Financing risk for the country.

“The Gambia can be listed among the countries that have successfully completed their NRA exercises. However, this milestone only marks the beginning of the real journey,” the director stated.

The deputy permanent secretary at the Ministry of Interior, Hassan Tangara, reiterated the government’s commitment in the fight against money laundering and terrorism financing.

He said the necessary mechanisms have been established to strengthen The Gambia’s AML/CFT regime.

“Key among them is a functional financial intelligence unit responsible for receiving, analysing, requesting and disseminating financial intelligence to competent authorities,” he said.

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