The
Intergovernmental Action Group against Money Laundering in West Africa (GIABA)
has taken further step to shield banks and insurance companies in The Gambia
from being misused to launder money or finance terrorism.
The
sub-regional organisation on Wednesday commenced a three-day national workshop
on Money Laundering and Terrorist Financing (ML/TF) risk assessment for
financial institutions and Designated Non-Financial Businesses and Professions
(DNFBPs).
DNFBPs
include legal advisers and lawyers, accountants, auditors, notaries, and estate
agents.
The
training workshop, underway at a local hotel in Kololi, is aimed at
strengthening the capacity of banks and insurance companies, as well as DNFBPs
to undertake robust ML/TF risk assessment in line with international standards.
Adama
Coulibaly, director general of GIABA, said the workshop is expected to enhance
the capacity of participants in conducting comprehensive ML/TF risk assessment,
and build a robust anti-money laundering and counter financing terrorism risk
assessment methodology.
It
is also designed to help participating institutions and professionals to
develop a shared understanding of the concept, approach and methodology for
ML/TF risk assessment.
In
a statement read on his behalf by GIABA director of programmes and projects Dr
Bruno Nduka, Mr Coulibaly said the training activity will also focused on the
international standards of tackling ML/TF as set by the Financial Action Task
Force (FATF).
FATF,
the global pacesetter in the fight against the twin crimes, in 2012 issued a
revised standard for combating the menaces.
A critical component of the revised version is the requirement for
financial institutions and DNFBPs to identify, assess and understand their
ML/TF risks. They are also required to
apply a risk-based approach to ensure that measures to prevent or mitigate
ML/TF are commensurate with the risks identified.
“Thus,
under the new regime, ML/TF risk assessment becomes the first step financial
institutions and DNFBPs must undertake in the designed and implementation of
their anti-money laundering and counter financing terrorism programmes,”
GIABA’s DG said.
Governor
Amadou Colley of the Central Bank of The Gambia (CBG) said the three-day
national workshop will further enhance the capacities of participants to
effectively complement the government’s commitment in the fight against ML/TF.
In
a statement read on his behalf by CBG director of financial supervision, Essa
Drammeh, Governor Colley said the fight against ML/TF requires concerted
efforts at national, regional and global levels.
He
said the fight is becoming increasingly demanding due to the increasing
complexities and vulnerabilities.
The
director general of the Gambia Financial Intelligence Unit (FIU), Yahya Camara,
who is also the GIABA national correspondent, said ML/TF have serious
consequences on financial institutions and DNFBPs.
“Therefore,
it is necessary for them to assess money laundering and terrorist financing
risks by assessing the threats and vulnerabilities with a view to adopting
risk-based approach,” he said.
He
pointed out that with such approach, more resources are directed to high risk
areas so as to effectively combat the menace of ML/TF.
Camara
said the training workshop will help those institutions that have started
implementing the risk-based approach to learn new skills to improve on it.
Participants
from institutions that are yet to implement the approach are expected to
acquire the requisite skills to be able to conduct risk assessment, and adopt
the risk-based approach in their institutions.
