Gambia to take decisive steps to combat money laundering

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Justice minister Abubacarr Tambadou told expert session preceding the ministerial meeting of Intergovernmental Action Group Against Money Laundering in West Africa that evidence shows former president Yahya Jammeh was involved in money laundering.

The finance minister, Mamburay Njie, has said that the Gambia will strengthen its legal and governance mechanisms to combat money laundering and terrorism financing in the country.

Njie told the opening session of the ministerial meeting of Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) on Saturday that the country will “review” its Insurance Act “in an effort to strengthen the anti-money laundering regime”.

“… Money laundering and terrorist financing are serious menaces to society with detrimental impact on our economies. Money laundering and its associated predicate offences can result in significant costs on our regional economy by damaging the effective operations of national economies and promoting weak economic policies…,” said Njie.

“Let me take this opportunity to reaffirm the commitment of the Government of The Gambia to combat financial and economic crimes in The Gambia, as well as prevent the free movement of criminal proceeds…”

Money Laundering is one of the major sources of funding terrorism in West Africa.

Analysts said the rate of money laundering and illegal financial activities, especially in the real estate business in the region, is a worrying phenomenon in the West African sub-region.

The regional finance ministers who have converged at a day ministerial meeting in Banjul have resolved to fight the menace.

“Throughout my term of office, I will endeavor to… make GIABA a genuine instrument for effectively and efficiently combating the scourge of money laundering, terrorist financing and proliferation of weapons of mass destruction,” said director general of GIABA, Kimelabalou Aba.

2018-11-18T16:01:17+00:00

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