Stakeholders review NRA for money laundering, terrorist financing 

The weeklong event is organised by FIU - The Gambia and supported by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in a bid to combat money laundering and counterfeiting in West Africa.

Juldeh Ceesay, deputy permanent secretary at the Ministry of Finance and Economic Affairs in deputising for her minister said the  theme for the workshop underscores the significance of keeping abreast with the ever-evolving landscape of money laundering, terrorist financing, and proliferation financing.

DPS Ceesay noted that The Gambia recognises the need to update its National Risk Assessments (NRA) to address emerging challenges such as the advent of new technologies, the risk posed by legal persons and arrangements, virtual assets and virtual assets service providers, the complexities of beneficial ownership structures, proliferation financing, and other pertinent Issues. 

She pointed out that the dynamic and constantly changing international landscape brings with it new risks, threats, and new recommendations to reduce the country’s vulnerabilities, adding that they must constantly be evolving and stay on top of the trends in terms of what the new threats are.

Madam Ceesay said that the latest Mutual Evaluation Report published in May 2022 places The Gambia in a unique position which they view as an opportunity for growth and improvement.

Mrs Ceesay added that The Gambia is committed to updating its National Risk Assessment (NRA), saying that the findings of the NRA should put The Gambia in a position to develop effective and risk-based policies and actions and allocate the available resources in the most efficient way to eliminate, control and mitigate the identified risks.

She reiterated government’s commitment in closely working with GIABA and all relevant stakeholders to implement recommended actions from the workshop to address the country’s deficiencies and improve the effectiveness of its AML/CFT/CPF framework.