laundering has become one of the biggest problems facing the international
economy. Money laundering is the process of transforming the proceeds of crime
into ostensibly legitimate money or other assets.
Money obtained from certain crimes, such as extortion, insider trading, drug trafficking and illegal gambling is “dirty”.
It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion.
Money can be laundered by many methods, which vary in complexity and sophistication.
Different countries may or may not treat payments in breach of international sanctions as money laundering.
Some jurisdictions differentiate these for definition purposes, and others do not.
The great powers set strategies to curb money laundering and managed after great efforts to seize money laundering networks through monitoring the financial transactions in the banks and comparing that with the income of the individuals, besides following the movement in real estate purchasing with exaggerated amounts.
The Gambia is not an exclusion from the war against money laundering as the government remains focus to ensure that this awful practice is eradicated in the country.
The country’s location on this part of Africa makes it a target for the international money laundering networks.
The money laundering networks are very dangerous especially in the countries where the monitoring authority on the banking system is weak.
The powerful syndicates cover the money laundering networks use in entering the country under the titles of fake companies and open banking accounts to deposit big money to give it legitimacy through the economic cycle.
Such steps lead to the collapse of the local currency against other currencies because the criminals withdraw those amounts and remit it to other countries after obtaining its legitimacy through the banking cycle system.
The money laundering networks always fish in the troubled waters, so it is high time for our government to improve the banking monitoring system and establish an investigation panel to check the foreign entries.