Mutual Evaluation
First Mutual Evaluation Report of Gambia
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A Mutual Evaluation (ME) on-site visit was conducted by the Inter-Governmental
Action Group against Money Laundering in West Africa (GIABA) on The Gambia from 14 to
23 April 2008. The main objective of the on-site visit was to assess the country’s level of compliance with the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) and international standards, including the FATF 40 + 9 Recommendations The review covered all aspects of economic activity in the country, with information derived from interviews with stakeholders, review of supervisory and regulatory frameworks as well as policy and legal documents.
The key findings from the ME were documented in a comprehensive 245 page report
which was the subject of GIABA plenary session of stakeholders, held in Dakar in November
2008. The review found in place appropriate pieces of legislation pursuant to the FATF
recommendations and the UN instruments in combating the social evils of money laundering
and terrorism financing. In particular, the enactment of the Money laundering Act 2003 and
the Anti-Terrorism Act 2002, coupled with the Government’s ratification of key UN
conventions have gone a long way in establishing the rudimentary measures against these
menaces.
Regarding the regulatory framework, the Gambian authorities vide the 1997 constitution
sought to centralize the supervision of all financial institutions within the Central Bank. This
has resulted in the apex institution being responsible for the supervision of banking institutions,
Insurance Companies, Microfinance institutions, finance companies etc. Although the findings
revealed varying degrees of compliance with some of the FATF recommendations, tremendous
progress was registered since then.