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toubab1020
12241 Posts |
 Posted - 07 Aug 2019 : 18:22:24
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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?
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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
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Edited by - toubab1020 on 07 Aug 2019 18:29:17 |
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toubab1020
12241 Posts |
Posted - 16 Aug 2019 : 15:34:19
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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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toubab1020
12241 Posts |
Posted - 23 Aug 2019 : 13:47:53
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From money-laundering to sanctions busting: the real value of cryptocurrency may soon be clear
Standard: August 22, 2019
By: Chris Zappone and Momodou Camara
The ability to trace and stop transactions linked to crime, terrorism, and corruption is one of the tools a country has at its disposal to defend itself and its interests.
The investigation into Crown Resorts by The Age, The Sydney Morning Herald and 60 Minutes has illustrated how investigators traced money from convicted drug traffickers and money launderers into the bank accounts of two Crown companies, federal investigations have alleged.
But cryptocurrency threatens to erode this power and, in the process, frustrate governments attempting to understand the flows of money into and out of their borders.
Web-based currency is already used by dark-web drug-dealers, terror groups and hackers for payment. But cryptocurrency may be on the cusp of going more mainstream.
If and when it does, it may make it harder for Western democracies to defend themselves from transnational crime, corruption and terror financing.
“Organised crime has well-established ways of money laundering but they, like other businesses, are experimenting with cryptocurrency,” said Australian Strategic Policy Institute researcher Elise Thomas.
“I think we’re going to see interesting new ways to launder money which combine traditional finance and cryptocurrencies and that’s going to be a massive challenge for regulators because they’ll need teams of experts who understand both.”
Cryptocurrency uses digital coins that are verified through strong cryptography.
A key feature is they can often be traded with no centralised body tracking them, even though a record is stored in a digital archive of transactions called the blockchain.
There are about 140 million cryptocurrency user accounts registered worldwide, according to a study by Cambridge University. Verified users quadrupled in 2017 and doubled again in the first three quarters of 2018 to 35 million.
Cryptocurrencies flow easily around the world, said David Gerard, the UK-based author of Attack of the 50 Foot Blockchain, but the “chokepoint” comes where the digital currency is “converted to and from actual money”.
“To keep dirty money out of the system, regulators need to make sure the crypto exchanges are absolutely airtight” on anti-money laundering reporting.
Earlier this year, the Financial Action Task Force, an international group that sets standards on anti-money laundering, passed new regulation that compels nations to register cryptocurrency-related businesses and report on suspicious transactions.
The Australian Transaction Reports and Analysis Centre required providers of cryptocurrency exchanges to meet anti-money laundering compliance and reporting obligations last year.
But wariness about the impact on Western financial controls is one of the reasons Facebook’s ambitious plan to launch its Libra cryptocurrency has raised red-flags with US and global regulators.
The platform has 2.4 billion active users. Milind Sathye, Professor of Banking and Finance at the University of Canberra, believes US authorities looking at Libra “are rightly cautious”. “Such currencies are typically used as a conduit for money laundering, which is a cause for concern for regulators globally.”
Cryptocurrencies may ultimately be a greater challenge abroad than at home.
RBA governor Philip Lowe in 2017 said that cryptocurrency, “when thought of purely as a payment instrument … seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions”.
Nations like Russia, Venezuela and Iran – no strangers to corruption – are exploring the possibility of national-cryptocurrencies to avoid Western sanctions. China, meanwhile, has long sought the creation of a currency rival to the US dollar that frees it from US influence.
This raises the prospect of alternative forms of payment outside the oversight and influence of established economies and governments.
As a recent report from the Foundation for the Defence of Democracies on cryptocurrency noted: “Technology has created a potential pathway to alternative financial value transfer systems outside, of US [-centred, Western] control.”
By: Chris Zappone and Momodou Camara
https://standard.gm/from-money-laundering-to-sanctions-busting-the-real-value-of-cryptocurrency-may-soon-be-clear/ |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Money Laundering
