Gambian property market reportedly used to launder criminal money
By the AFREEQUE newsroom, based on Malagen
Illustrative image · Engin Akyurt · Pexels · Licence PexelsThe Gambian property market is attracting capital allegedly stemming from corruption and drug trafficking, according to an investigation by Malagen with DUBAWA. Companies are said to have carried out major transactions without applying the checks required by anti-money laundering laws, while professionals warn of risks in the sector.
Real estate transactions in The Gambia are reportedly being used to launder proceeds from corruption and drug trafficking, among other crimes, according to an investigation by Malagen conducted with DUBAWA, a Nigerian fact-checking platform. The investigation says that real estate companies, including major firms, conduct transactions without adequately applying the checks required under anti-money laundering laws.
Abubacar Darboe, secretary-general of the Association of Real Estate Companies of The Gambia, believes real estate is one of the country’s main investment sectors and a discreet way to launder criminal proceeds. He says people whose wealth has questionable origins buy several high-value properties in a short period or take stakes in real estate companies and hotels. Court documents related to drug-trafficking cases also report multi-million-dollar investments in properties, according to the investigation.
Rising land prices and rents are putting pressure on lower-income households. Aminata Njie, a 38-year-old primary school teacher, earns about $153 a month and now pays $76 in rent, up from $34. She lives with her daughter in a one-bedroom flat with a living room in Sanchaba. The investigation reports that some people link this pressure on the property market to money laundering, fraud and unscrupulous agents’ practices.
