Financial Crime World

Gabon’s Anti-Money Laundering and Combating Financing of Terrorism Efforts Under Scrutiny

The Central African Banking Commission (COBAC) has been issuing injunctions against reporting institutions and their managers in Gabon for violating anti-money laundering and combating financing of terrorism (AML/CFT) regulations between 2016 and September 2021. According to a report by the Task Force on Anti-Money Laundering in Central Africa (GABAC), a total of 114 injunctions were issued during this period.

Implementation Progress

Gabon has made significant progress in implementing AML/CFT measures, with financial institutions largely compliant with international standards. However, there are still areas of concern, particularly with regard to the effective implementation of these measures and the lack of resources dedicated to combating money laundering and terrorist financing.

COBAC’s Efforts

The COBAC has been working closely with reporting institutions to ensure compliance with AML/CFT regulations, issuing injunctions against those found non-compliant. The agency has also conducted several on-site visits to assess the effectiveness of these measures and identify areas for improvement.

GABAC’s Role

GABAC, a FATF-style Regional Organization, is responsible for evaluating the AML/CFT systems of its member states, including Gabon. The organization’s mission is to promote norms, instruments, and standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction.

Key Findings

  • 114 injunctions issued by COBAC against reporting institutions and their managers between 2016 and September 2021.
  • Most cases involved violations related to customer due diligence and reporting suspicious transactions.
  • Gabon has made significant progress in implementing AML/CFT measures, but there are still areas of concern.
  • Effective implementation of AML/CFT measures and lack of resources dedicated to combating money laundering and terrorist financing are key challenges.

Recommendations

  • Continued cooperation between governments, financial institutions, and regulatory bodies is essential in the fight against money laundering and terrorist financing.
  • Robust resources and effective implementation of AML/CFT measures are necessary to ensure the integrity of the financial system.

This article is based on a report by the Task Force on Anti-Money Laundering in Central Africa (GABAC).