The government of Gambia has finally issued a statement. The Icommerce Registry is a scam. This article has been updated and removed of most content, so as to not continue conveying any sort of trust for the Icommerce Registry.

ministry of justice press release companies

 

While The Gambia has a rich and interesting history that anyone curious about African history and slavery would do well to read into, it is not relevant to its current situation as a tax haven and, because I’m short on time, I will skip.

Very briefly, it was under numerous indigenous rulers until the British arrived in the 1600s. While the British and French fought over The Gambia, it retained British rule for the most part.

It gained independence from the British in 1965. It quickly fell into chaos and disarray, fighting a war with Senegal. Since the early 2000s, it has enjoyed political stability and socioeconomic development. It has a growing tourism sector to supplement its fishing and agricultural sectors (mostly peanuts).

Owing to early Arabic influences, the country is an Islamic republic. Its official language is English, which has served as a great advantage in ever since the political climate stabilized.

Geography and Demography

Full Name:	Islamic Republic of The Gambia (often just Gambia)
Official language(s):	English
Other major languages:	Fula, Jola, Medinka, Serer, Wolof
Type of government:	Presidential republic
Legal system:	English common law and customary law
Area:	10,689 km²
Timezone:	UTC
Population:	1.9 million
GDP per capita:	2,000 USD
Currency:	Gambian Dalasi (GMD)

Incorporation and Business

Old text removed.

The scheme run by the Icommerce Registry is a scam.

Trust

Old text removed.

The scheme run by the Icommerce Registry is a scam.

Foundations

Old text removed.

The scheme run by the Icommerce Registry is a scam.

Banking

It’s currently very difficult to open bank accounts in The Gambia or even for Gambian entities.

There are nonetheless several pretty good banks in The Gambia. Its banking sector has a bright future, if the regulators are able to cope with the increased demand relative to the increase of illicit funds and money laundering. While by no means as bad as Djibouti, Ghana, or Ivory Coast just yet, The Gambia is at major risk of becoming a money laundering nest.

FATF and its underling GIABA have been lenient on The Gambia so far, despite failing to reach the FATF’s recommendations, in no small part because of the jurisdiction’s relatively small size but also because the young republic is still very much a developing nation.

While major deficiencies have been discovered, they are not seen as egregious because there is relatively little money being passed around.

Open a Bank Account in The Gambia

Generally difficult remotely but personal accounts can be opened without too much trouble in person. The bank might ask for some vague justification as to why you are opening a bank account and it’s usually enough to say you plan to invest in the local or regional economy.

Banking Secrecy

Effectively, because The Gambia’s laws are outdated and the new-found secrecy laws are a lot more recent than the old banking confidentiality laws, the banking secrecy here is rigorous. It’s practically impossible for a foreign agency to get anything out of a Gambian bank.

Unless they approach the bank in another jurisdiction and attempt to pressure them there.

The Gambia has not signed up for CRS/AEOI and, in fact, hasn’t signed a single EOI treaty as of yet.

Banks in The Gambia

There are banks but hardly any will engage with offshore companies.

Unless, of course, you’re here to launder money.

Living in The Gambia

While one of Africa’s most developed nations, the harsh reality is that competition isn’t exactly fierce. Those seeking to settle down in the African mainland are likely to enjoy South Africa, Equatorial Guinea, Namibia, or Botswana more, but The Gambia can be very attractive.

It’s generally stable and its economic situation continues to improve.

Costs of living are low, the weather is generally fine, and English is perfectly fine to get you by and live comfortably in The Gambia, although you will forever be a foreigner.

Citizenship

Not particularly attractive.

Dual citizenship is only allowed for Gambian citizens who obtain another citizenship through marriage.

Taxation

Average to above average.

Final words

It took the government of Gambia three years to issue a statement on a scam that had been running since 2013.

See also

• OECD Peer Review (also has a list of TIEA and DTA)
• FATF documents
• Financial Secrecy Index