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 Politics: Gambian politics
 Money Laundering
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toubab1020



9985 Posts

Posted - 07 Aug 2019 :  18:22:24  Show Profile Send toubab1020 a Private Message  Reply with Quote
The Author of this article is someone I have not heard of before is the author a new reporter of the Point or a spokesperson for someone else?
++++++++++++++++++++++++++++++++++++++++++++++++++++

Wednesday, August 07, 2019

Money laundering has become one of the biggest problems facing the international economy. Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets.

Money obtained from certain crimes, such as extortion, insider trading, drug trafficking and illegal gambling is “dirty”.

It needs to be cleaned to appear to have been derived from legal activities so that banks and other financial institutions will deal with it without suspicion.

Money can be laundered by many methods, which vary in complexity and sophistication.

Different countries may or may not treat payments in breach of international sanctions as money laundering.

Some jurisdictions differentiate these for definition purposes, and others do not.

The great powers set strategies to curb money laundering and managed after great efforts to seize money laundering networks through monitoring the financial transactions in the banks and comparing that with the income of the individuals, besides following the movement in real estate purchasing with exaggerated amounts.

The Gambia is not an exclusion from the war against money laundering as the government remains focused to ensure that this awful illegal practice is eradicated in the country.

The country’s location on this part of the continent makes it a target for the international money laundering networks.

The money laundering networks are very dangerous especially in the countries where the monitoring authority on the banking system is weak.

The powerful syndicates cover the money laundering networks use in entering the country under the titles of fake companies and open banking accounts to deposit big money to give it legitimacy through the economic cycle.

Such steps lead to the collapse of the local currency against other currencies because the criminals withdraw those amounts and remit it to other countries after obtaining its legitimacy through the banking cycle system.

The money laundering networks always fish in the troubled waters, so it is high time for our government to improve the banking monitoring system and establish an investigation panel to check the foreign entries.

“Over all, it appeared to be some sort of drug or money laundering front that was having a terribly difficult time of not coming across as both.”

Mandy Ashcraft

http://thepoint.gm/africa/gambia/article/money-laundering-1

"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.

Edited by - toubab1020 on 07 Aug 2019 18:29:17

toubab1020



9985 Posts

Posted - 16 Aug 2019 :  15:34:19  Show Profile Send toubab1020 a Private Message  Reply with Quote
Friday, August 16, 2019

Financial institutions and designated non-financial institutions are participating in a three-day national synergy on money laundering and terrorist financing risk assessment which kicked-off Wednesday at a local hotel in Kololi.

Organised by the Inter-Governmental Action Group against money laundering (GIABA), the synergy targets to strengthen the capacity of reporting entities to be able to undertake robust ML/TF assessment in line with the FATF standards.

Muazu Umar, director of policy and research at GIABA, said the specific objectives of the three day synergy includes developing a shared understanding of the concept, approach and methodology for conducting ML/TF risk assessment. “It will enhance the capacity of financial institutions in conducting comprehensive ML/TF risk assessment in order to build a robust AML/CFT risk assessment within their compliance framework,” he added.

Mr. Umar said the financial sector and DNFBPS play important roles in the economic development of any country, stating that they are the catalysts of socio-economic development and the international financial system thrives as a result of their financial intermediation.

“Money laundering and terrorist financing undermine the stability and integrity of the financial system and subjects DNFBPs to being used as gateways for the conversion of illicit proceeds. This could lead to reputational damage and exposure to legal risks and reduce business risk appetite thereby undermining economic growth,” he stated.

Dr. Saikou Jabbie, first deputy governor of Central Bank of The Gambia, defined money laundering as a process of making the proceeds of criminal activity appear to be legally obtained. “Introducing illegally obtained funds into the stream of legitimate commerce and finance allows criminals to profit from their illegal activity, taints the international financial system and erodes public trust in the integrity system,” he said.

Dr. Jabbie cited the IMF and World Bank, saying criminals launder an estimated three to nearly four trillion US Dollars each year. “Money laundering and terrorist financing are morally and ethically inappropriate, illegitimate and punishable by law.”

Director of Financial Intelligence Unit of The Gambia, Alagie Darboe said such capacity building programs are crucial for the establishment and fortification of systems aimed at combating Money Laundering and Terrorism Financing (ML/TF), both in the country and within the sub-region.

He said money laundering and terrorism financing are crimes that have significant negative economic impacts and have the ability to misallocate resources and income distribution to distort asset and commodity prices and to breed social ills, crime and corruption. “The Government of The Gambia on its part has taken giant steps to put in place legal, institutional and other measures to fight Money Laundering and Terrorism in the country,” he said.

In the same vein, a similar event will be held for religious leaders commencing on Friday 16 August 2019.
Author: Fatou B. Cham

http://thepoint.gm/africa/gambia/article/national-synergy-on-money-laundering-terrorist-financing-risk-assessment-underway

"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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