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 last 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.

The Gambia faces significant corruption challenges affecting both public and private sectors, with issues like bribery and nepotism undermining trust in government institutions. Despite the passage of the Anti-Corruption Bill in December 2023 and some legal victories against corrupt officials, such as a conviction in March 2023, a culture of impunity persists due to inadequate oversight and politicization of key institutions. Civil society organizations, like The Gambia Participates, are actively advocating for transparency and accountability, but the overall climate remains one of skepticism and concern regarding governance.

The Gambian economy, with a GDP of $1.95 billion and a population of 2.6 million, is recovering strongly, driven by robust consumer demand and a rebound in tourism, with GDP growth projected at 5.3% for 2023. Key sectors include agriculture, tourism, and infrastructure, although challenges such as high poverty rates, a skills gap, and bureaucratic inefficiencies hinder further economic progress.

The Gambia's investment climate is supported by a stable political environment and the Gambia Investment and Export Promotion Agency (GIEPA), which facilitates foreign investment through guidelines and incentives. While the government encourages foreign direct investment across various sectors, challenges such as bureaucratic inefficiencies, high poverty rates, and a significant skills gap hinder the overall investment appeal. Recent initiatives aim to simplify land acquisition and provide tax incentives in priority sectors, although attracting investment remains a complex task.