This initiative signifies a collective commitment to combat financial crimes that pose significant threats to the stability and security of our economies and societies. The five day regional seminar that started on 11 August 2023 is organised and supported by GIABA at Coco Ocean Hotel.
In his welcome remarks, director of the Financial Intelligence Unit of The Gambia, Alhagie Darboe, expressed his profound appreciation to GIABA for choosing The Gambia to host the workshop.
He used the occasion to express his gratitude for the continuous efforts in capacity building of relevant stakeholder institutions to improve the compliance regime in our sub-region.
According to Mr. Darboe, since its establishment in 2000, GIABA has taken significant steps in training and raising the awareness of the different sectors and players across the AML/CFT regimes of the member states.
He cited that they recognise the growing importance of addressing money laundering and terrorist financing risks particularly within the travel and tourism industry and the real estate sector.
“Both these sectors play significant roles in our economies, attracting investments and fostering growth,” he acknowledged. “The travel and tourism industry contributes significantly to our respective countries’ Gross Domestic Product (GDP) as a main source of employment and foreign currency earning.”
“The real estate sector, on the other hand, also provides avenues for economic growth as it can attract high spending investors, both domestic and foreign. Therefore, the nexus between the travel and tourism industry and the real estate sector already exists.”
Mr. Darboe said he was honoured to engage all the participants from different countries in discussions geared towards combating illicit financial activities that undermine the “integrity and stability of our respective economies.”
Declaring the forum open, Saffie Sankareh, permanent secretary, Ministry of Lands, Local Government and Religious Affairs, reiterated that the forum was to ensure that the economy remains resilient against such financial activities.
She pointed out that as real estate agencies grow; their risks also grow as many transactions are left unchecked and unregulated.
“This unchecked growth is the haven for illicit activities which we must totally address,” she warned.
