FATF Status

The Gambia is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in the Gambia was undertaken in 2022. According to that Evaluation, the Gambia was deemed Compliant for 4 and Largely Compliant for 15 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

US Department of State Money Laundering assessment (INCSR)

The Gambia was deemed a ‘Monitored’ Jurisdiction by the US Department of State 2016 International Narcotics Control Strategy Report (INCSR). Key Findings from the report are as follows: -

The Gambia is not a regional financial center, although it is a regional re-export center. The Gambia derives most of its GDP from agriculture, tourism, remittances, and the re-export trade, with most transactions conducted in cash. Goods and capital are freely and legally traded in The Gambia, and, as is the case in other re-export centers, smuggling of goods occurs. Although The Gambia has limited capacity to monitor its porous borders, customs officials cooperate with counterparts in Senegal to combat smuggling along their common border. A lack of resources hinders law enforcement’s ability to combat smuggling more effectively.

It is unclear to what extent money laundering is related to narcotics, but seizures of large amounts of cocaine and marijuana two years ago heightened concerns regarding links to international drug trafficking.  The number of new banks entering the local market in the past few years - there are currently a total of 12 commercial banks operating in The Gambia - also raises possible money laundering concerns. These concerns are further heightened by the problems of persistently weak bank controls and supervision, the dominance of cash transactions, a poor know-your-customer compliance culture, and significant inflows of tourists.

Rating                                                                           (100-Good / 0-Bad)

Transparency International Corruption Index                           37

World Governance Indicator – Control of Corruption             46

Known as the “Smiling Coast of Africa,” The Gambia is a West African country of roughly two million people. The Gambia has an active private sector, and the government is reforming the economy to support local investment and attracting foreign direct investment.

The Gambia Investment and Export Promotion Agency (GIEPA) is dedicated to attracting foreign investment and promoting exports. It provides guidelines and incentives to all investors whose portfolios qualify for a Special Investment Certificate (SIC). Incentives include corporate tax relief, import duty exemption, and VAT exemption. The Gambia encourages investment across all sectors, but targets agribusiness, information and communication technology (ICT), renewable energy, light manufacturing, transportation, and tourism. In 2021, GIEPA launched a new National Export Strategy for 2021-2025, which supports The Gambia’s export-ready and export-potential firms trying to enter regional and global value chains, particularly in horticulture, agro-processing, groundnuts, cashews, fisheries, light manufacturing, and hospitality.

The Gambian Government is committed to infrastructure improvements and is upgrading the road network, telecommunication system, seaport and airport, and the electricity grid. The Gambia’s primary ports of entry are Banjul International Airport and the Port of Banjul. The Port of Banjul is renovating and expanding to construct a $177 million jetty. As a port to West Africa and accounting for about 90% of the country’s trade in both volume and weight, the port plays a vital role in the trade and distribution of cargo to neighboring countries including Mali, Guinea Bissau, and Senegal.

The Gambia’s major trading partners are Ivory Coast (15 percent of total imports) and China (15 percent). Other significant trading partners include the United States, Germany, India, and the United Kingdom.

Some challenges in The Gambia’s business environment persist, mainly in the form of inconsistent enforcement of rules and regulations, and normally affect both Gambians and foreign investors. The Gambian government is addressing problems in the business environment through regulatory and legislative reforms and efforts to streamline business processes.

Country Links

Central Bank of The Gambia