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| toubab1020 |
Posted - 05 May 2015 : 19:38:45
This article from the Observer shows the Gambian Governments efforts to deal with a very big problem that exists throughout MOST of Africa.
It is quite long but deserves a read.
Gambia’s efforts to fight against Money-Laundering and Terrorism Financing (ML and TF)
Business
Apr 16, 2015
Welcome to another edition of the Business and Finance column. In today’s edition, we bring you the interview our Columnist had with the Financial Intelligence Unit (FIU) director, Yahay Camara about The Gambia government’s efforts to fighting against Money Laundering and Terrorism Financing (ML and TF). Camara informed our columnist that “The Gambia’s efforts in the fight against ML and TF are in line with international and regional standards.
Financial sector key to attaining development
He said the Financial Sector of The Gambia is a key pillar in the attainment of development agenda of government; hence the country takes very strict measures to prevent the financial system from abuse by money launderers, terrorist financiers and other criminals to perpetrate their illegal activities using the financial system as a conduit. “The Gambia has put in place a robust and cohesive regime that brings together multiple government agencies in a concerted effort to combat Money-Laundering (ML) and Terrorist Financing (TF),”Camara added.
Money-Laundering and Terrorism Financing, Camara said are borderless menace that threatens governments the world over and it poses massive challenges to security, economic development and prosperity, dispensation of justice and impartial judicial systems. According to him, the twin evils of money laundering and terrorism financing are not only national challenges for governments and states across the world but are regional and international concerns. He further stated that money laundering and terrorism financing are international crimes and are sometimes in the form of organized crimes involving three or more individuals and or entities.
ML, process to make illicit wealth
Mr. Camara expounded on the definition of Money Laundering and Terrorism Financing. According to him the former is easier to define than the later. He said Money Laundering is simply the process of making illicit wealth look legitimate. The launderer use simple or complex transactions to detach the money from its illegal origin. He further pointed out that for money laundering to take place, the criminal must first commit crimes which are called predicate crimes of money laundering and generate illicit money or wealth in the commission of the crime(s). These illicit wealth or money which is referred to as proceeds of crimes are now laundered using financial instruments or other forms of transactions to disguise the illicit proceeds.
According to Mr. Camara, the predicate crimes of money laundering and terrorism financing in The Gambia as specified in the Anti-Money Laundering and Combating of Terrorism Financing Act 2012 are participation in an organised criminal group and racketeering, terrorism and terrorist financing, trafficking in humans and migrant smuggling, sexual exploitation, illicit arms trafficking, illicit trafficking in stolen goods, corruption and bribery, currency counterfeiting, counterfeiting and piracy of products, environmental crime, murder and grievous bodily harm, kidnapping, illegal restraint and hostage taking, robbery or theft, smuggling, extortion, forgery, piracy or insider trading and market manipulation, corruption, illicit trafficking in narcotic drugs, psychotropic substances and fraud.
TF provision of funds to terrorist organization
He defined terrorism financing as the provision of funds to individual terrorists or terrorist organisations. He said such funds are either from legitimate or illegitimate sources. Those who give such supports to terrorists are called terrorist financiers. Due to the grave concern of the dangers of money laundering, the Financial Action Task Force (FATF) on money laundering was established in 1989 by G7 countries as an inter-governmental body whose purpose is to develop and promote an international response to combat money laundering. FATF came up with 40 Recommendations on Money Laundering and 9 Special Recommendations on Terrorism. In February 2012 FATF combined the Recommendations into 40. They are the international standards in the fight against money laundering and terrorism financing.
GIABA’s mandate to fight ML & TF
In response to international call to institute robust anti-money laundering and terrorism financing in West Africa, The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Camara went on, was set-up in December 10th 1999 by a decision of the Authority of Heads of State and Government of ECOWAS to build capacity in member states to fight against money laundering and terrorism financing. GIABA then adopted the FAFT 40 Recommendations which all ECOWAS states are required to comply with. The FIU boss further stated that The Gambia’s Anti-Money Laundering and Counter Terrorism Financing Regime consist of legal and regulatory measures involving multi-stakeholder government agencies and institutions, adopting proactive deterrence, detection, investigative and prosecution; and supervisory and regulatory approaches to appropriately deal with money laundering and terrorism financing issues.
He further said that in order to comprehensively deal with Money Laundering and Terrorism Financing, the Anti-Money Laundering and Combating of Terrorism Financing Act 2012 was enacted, replacing the Money Laundering Act 2003. The Anti-Terrorism Act 2002, the Banking Act 2009, the Drug Control Act 2003 (as amended) and other series of national legislations and regulations are put in place to curb the menaces of money laundering and terrorism financing in the country.
Enactment of Anti-ML and CTF Act strengthened legal regime in Gambia
According to him, the enactment of the Anti-Money Laundering and Combating of Terrorism Financing Act 2012 has strengthened the regime of The Gambia bringing the country in line with international and regional standards in the fight against money laundering and terrorism financing. He said the AML/CTF Act 2012 established the Financial Intelligence Unit (FIU) is the body responsible for the fight against money laundering and terrorism financing in the country. He said law includes all the twenty predicate offences of money laundering and terrorism financing, extends anti-money laundering and counter terrorism financing obligations to reporting entities including Designated Non-Financial Businesses and Professions; strengthens powers of the law enforcement and regulatory authorities provides comprehensive mutual assistance regime in relation to money laundering and terrorism financing; increases the penalties of money laundering and terrorism financing and pecuniary penalties and provides for asset restrain, seizure and forfeiture in relation to money laundering and terrorism financing.
West African countries established FIU
Camara added that all countries in West Africa have established Financial Intelligence Units, as part of regional efforts to collaborate to fight the menaces of money laundering and terrorism financing in the region. He said staff of the FIU benefited from series of trainings and support from GIABA, UNODC, WAIFEM, AFDB and other institutions. He in particular stated that the Central Bank of The Gambia has been very supportive in helping the FIU meet its mandates. He said the CBG being the regulatory body of the Financial System stands to be supported by the FIU to prevent the Financial System from abuse by criminals, thereby making the country a safe haven for investment, boost investor confidence in the realisation of Visions 2016, 2020, 2025 and other government development blue prints.
He added that in order to appropriately fight money laundering and terrorism financing, an Inter-Ministerial Committee was set-up in 2008 to coordinate the Anti-Money Laundering and Combating of Financing of Terrorism efforts in The Gambia and the committee comprises of the Ministry of Interior (MoI); Ministry of Finance and Economic Affairs (MoFEA); Ministry of Justice; the National Drug Enforcement Agency; the Central Bank of The Gambia (CBG); The Gambia Police Force (GPF); The Gambia Revenue Authority (GRA) and other stakeholder institutions in the country. The committee he added is apprised of all Anti-Money-Laundering /Counter Financing of Terrorism (AML/CFT) developments and is able to craft policy responses quickly and effectively.
Government taken appropriate measures against ML & TF
According to Director Camara, The Gambia government has taken appropriate measures against Money Laundering and Terrorism Financing. He said the country has ratified series of UN Conventions related to money laundering and terrorism financing, making the country part of the international call to fight such crimes. These Conventions amongst others include the UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances 1989; the Convention against Transnational Organised Crimes 2000; the Convention on the Suppression of International Financing of Terrorism 1999 and the Convention against Corruption 2003. He further stated that the country has developed a National Strategy against Money Laundering and Terrorism Financing and a National Strategy against Organised Crimes and Terrorism.
Gambia hailed at GIABA 22nd TC & PM
Camara added that due to the efforts of the FIU and other stakeholder institutions to curb the menace of money laundering and terrorism financing, The Gambia was commended in the GIABA 22nd Technical Commission and Plenary Meetings held in Dakar, Senegal, in November 2014. The country was hailed for substantively addressing the strategic deficiencies in her anti-money laundering and counters terrorism financing regime. As a result the country has been moved to higher ranking from Enhance Follow-Up Regime to Expedited Follow-Up Regime which requires the country to submit its Follow-Up-Report once a year. This in effect means that the country has progressed well in taking measures against Money Laundering and Terrorism Financing. He was quick to add that, the FIU will collaborate with national institutions to implement the programmes and activities of the national strategy against money laundering and terrorism financing and continue to strengthen the country’s position in the region and internationally in the combat against money laundering and terrorism financing.
He concluded that all reporting entities (i.e. the Financial Institutions and Non-Financial Institutions) should be aware of their duties and obligations under the AML/CTF Act 2012, adding that the non-compliant with this law has series of negative consequences on reporting institutions which include revocation of license, monetary penalties ranging from D10, 000 to D20, 000,000, jail sentences for natural persons ranging from 2 years to 10 years or more. He said the anti-money laundering and counter terrorism financing law has proportionate and dissuasive sanctions aimed at money launderers and those financing terrorism and their accomplices. He, however, noted that the Financial Intelligence Unit (FIU) has had cooperation of some reporting entities especially those in the banking industry.
by Lamin B. Darboe
http://observer.gm/gambias-efforts-to-fight-against-money-laundering-and-terrorism-financing-ml-and-tf/ |
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