The Gambia Reparations Commission has received USD 2,573,414.10 to support its operations. These funds were recovered following the forfeiture and sale of a property in Potomac, United States, formerly owned by ex-President Yahya Jammeh. The proceeds from the asset liquidation were transferred to the government to assist in reparations efforts.
The Gambia Reparations Commission received USD 2,573,414.10, marking a significant milestone in the recovery of assets linked to the former administration. This specific sum represents the culmination of legal and diplomatic efforts to identify and liquidate properties held abroad. The funds were recovered from the forfeiture and sale of former President Yahya Jammeh’s Potomac property in the United States. This international asset recovery process involved coordination between government authorities and legal entities in the United States to ensure that the proceeds from the sale of the Potomac property were successfully repatriated.
Transfer to Central Bank
Financial authorities deposited the recovered proceeds directly into the Reparations Fund account held at the Central Bank of The Gambia. This transaction secures the liquidated assets within the national banking system, ensuring the capital remains ring-fenced for its intended purpose. The funds were deposited into the Reparations Fund account at the Central Bank of The Gambia to ensure the security and transparency of the financial transfer. By moving the capital into the Central Bank of The Gambia, the government has established a clear audit trail for the USD 2,573,414.10, confirming that the money is held in an account specifically designated for reparations.
Management of these assets is governed by the Victims Reparations Act, 2023. Under the provisions of this legislation, the funds are to be used exclusively for the payment of reparations. Disbursement of the money is restricted to the specific framework established by the act to address the claims of those eligible under the law.
The legal framework provided by the Victims Reparations Act, 2023 serves as the primary mechanism for overseeing the allocation of these recovered assets. According to the act, the Gambia Reparations Commission is tasked with managing the funds in accordance with the established statutory guidelines. The legislation mandates that the money, which was sourced from the sale of the property in Potomac, United States, must be utilized solely for its intended purpose of providing reparations.
The Central Bank of The Gambia will serve as the custodian for these funds until the Gambia Reparations Commission initiates the disbursement process. Every transaction linked to the USD 2,573,414.10 must align with the criteria set forth in the Victims Reparations Act, 2023. This ensures that the recovery of the Potomac property assets directly benefits those identified as eligible under the current legal framework. The government remains committed to following the procedures outlined in the Victims Reparations Act, 2023 to maintain the integrity of the Reparations Fund account.
