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, and while civil society organizations like The Gambia Participates advocate for transparency, the government has yet to fully address the recommendations from the Janneh Commission regarding past corruption. A recent court conviction of a former official for bribery marks a significant step in combating corruption, although challenges remain in improving the overall investment climate.

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 high inflation and foreign exchange shortages. The government is actively reforming the economy to attract foreign direct investment, particularly in agribusiness, ICT, renewable energy, and tourism, while also improving infrastructure to facilitate trade through key ports and airports.

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 incentives such as corporate tax relief and import duty exemptions. The government encourages investment across various sectors, particularly targeting agribusiness, ICT, renewable energy, and tourism, while also committing to infrastructure improvements to facilitate business operations. Despite challenges like inconsistent enforcement of regulations, the Gambian government is focused on creating a more favorable investment climate.