Regulatory Alerts2012-01-01
Anti-Money Laundering and Combating of Terrorist Financing Act, 2012
The President and National Assembly of The Gambia enacted this legislation to establish a Financial Intelligence Unit responsible for receiving, analyzing, and disseminating reports on money laundering and terrorist financing. The Act mandates reporting entities to verify customer identities, maintain accurate records, and submit suspicious transaction reports while granting competent authorities comprehensive powers to restrain, seize, and forfeit related assets. It further establishes pecuniary penalty orders, facilitates mutual legal assistance with foreign jurisdictions, and defines specific offences to ensure robust regulatory compliance.
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