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's anti-corruption efforts have seen some progress since the political transition in 2017, but many promises remain unfulfilled, including the enactment of the Anti-Corruption Bill and the draft Constitution. Allegations of petty corruption persist under President Adama Barrow's administration, despite the introduction of new legislation aimed at establishing a national anti-corruption commission. Recent legal actions, including the conviction of a former official for bribery, indicate a growing commitment to addressing corruption, although challenges remain in fully implementing reforms and addressing past grievances.

The Gambian economy, known for its resilience, is projected to grow by 5.6 percent in 2023, supported by sectors such as public and private construction, agriculture, and tourism, despite facing challenges like inflation and foreign exchange shortages. The government is actively reforming the economy to attract foreign direct investment, particularly in targeted sectors like agribusiness and renewable energy, while also addressing regulatory issues that affect the business environment.

The Gambia is actively reforming its economy to attract foreign direct investment (FDI) and support local investment, with the Gambia Investment and Export Promotion Agency (GIEPA) providing various incentives such as corporate tax relief and import duty exemptions. The government encourages investment across multiple sectors, particularly targeting agribusiness, ICT, renewable energy, and tourism, while also addressing challenges like inconsistent enforcement of regulations. Despite these efforts, bureaucratic hurdles and regulatory bottlenecks remain concerns for both local and foreign investors.