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Friday, June 15, 2007

Money Laundering Conference in the Gambia

Ministers of the Interior of Fifteen West African Countries met on June 11th for their fifth annual meeting to discuss Money Laundering.

There is real irony in where they chose to meet:
the Kairaba Beach Hotel, in Kololi, The Gambia.
Irony, becasue the Gambia has been a hotbed of Money Laundering.
  • The Gambia is a base of Operations for Victor Bout on Africa (and the World)'s busiest Arms dealers, among other things
  • Baba Jobe , the New Millennium Air Company, were named as transiting companies for the weapons.
  • This page is a listing of how to transfer funds in and out of the Gambia
Though It appears that some modest steps have been taken to stop money laundering, The Gambia has historicaly been a transshipment point for everything from Slaves to Blood diamonds.

-Shimron


The Secretary of State for Interior, Mr Ousman Sonko, in a plennary session on Tuesday 12 Junehas stated that money laundering is one of the most notorious economic crimes in any state. He said that money laundering is negative for economic growth and could affect a nation both domestically and internationally.

Speaking at the inter-government Action Group Against Money Laundering and terrorist finance in West Africa (GIABA) plenary session and 7th technical commission held at the Kairaba Beach Hotel on Monday, June 11, Secy Sonko said that money laundering is luxurious to criminals but very negative to the economy of any nation.

The negativity of money laundering in national economies cannot be overemphasised and therefore all the ten member states of GIABA should come together to fight money laundering and terrorist financing in our sub-region,”


...SoS Sanyang also said in October 2006, the government gave the Central Bank of The Gambia the mandate to establish a Financial Intelligence Unit which will be responsible for receiving, analyzing and scrutinizing of data on suspicious transactions relating to money laundering and terrorism financing.

"The staff of the Unit is currently undergoing relevant training to capacitize the unit to have it operationalised by September 2007, Mr. Sanyang revealed.

Reat the Rest @ All Africa.com from the Foroyaa Newspaper

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