‘Africa loses billions yearly through illicit financial flows’

Jan 14, 2021, 1:40 PM | Article By: Cherno Omar Bobb

Alagie Darboe, director of Financial Intelligence Unit of The Gambia (FIU) has said that Africa loses billions of dollars every year through illicit financial flows in the form of tax evasion and fraud, among others.

Mr. Darboe added that if adequate measures are in place and these illicit financial flows prevented, the revenue we are currently losing could be utilised to improve our healthcare system, expand access to quality education and develop infrastructure among others.

Director Darboe made these remarks yesterday, during the opening of a-two-day training for public accounts/public enterprises committees of the National Assembly.

The FIU of The Gambia under the support of “Inclusive Growth Promotion Institutional Support Project”, which is funded by the African Development Bank (AfDB) organised the awareness session on Anti-Money Laundering/Counter Terrorism Financing.

He added that predicate offenses such as drug trafficking, bribery and corruption are still very much prevalent in Africa.

He further said that with ever-changing money laundering methods, the perpetrators of these crimes continue to benefit from their illicit activities at the expense of law-abiding citizens.

However, Mr. Darboe said with proper review and amendment of the relevant laws, we can cater for recent development in Money Laundering and Terrorist Financing and related financial crimes.

He also said that with the adoption of international best practice, combined with continued cooperation in AML/CFT matters, he is optimistic we can mitigate and ultimately eradicate the menace of ML/TF and related financial crimes.

“With the continued buy-in of our nation’s legislative branch, we are enthusiastic that we will continue to have the legislative tools we need to combat the ever-evolving menace of money laundering, terrorist financing and related financial crimes,” he told law makers.