Gabon: Combating Money Laundering and Terrorist Financing
Gabon has made significant progress in combating money laundering and terrorist financing since the establishment of the Task Force on Anti-Money Laundering in Central Africa (GABAC) in 2015. A recent report highlights the efforts made by GABAC to combat these threats.
Injunctions Issued by COBAC
Between 2016 and September 2021, the Central African Banking Commission (COBAC) issued a total of 114 injunctions against reporting institutions and their managers in Gabon for AML/CFT violations. The majority of these injunctions were issued against financial institutions, including banks and microfinance institutions.
Key Findings:
- Total of 114 injunctions issued by COBAC between 2016 and September 2021
- Majority of injunctions issued against financial institutions
Compliance with FATF Recommendations
Gabon’s compliance with the Financial Action Task Force (FATF) recommendations has also been evaluated. According to Table 18, Gabon is partially compliant with several FATF recommendations, including those related to customer due diligence and reporting of suspicious transactions.
Key Findings:
- Gabon is partially compliant with several FATF recommendations
- Non-compliance relates to customer due diligence and reporting of suspicious transactions
GABAC’s Role in Combating Money Laundering and Terrorist Financing
GABAC plays a crucial role in combating money laundering and terrorist financing in Central Africa. As a specialized institution of the Central African Economic and Monetary Community (CEMAC), GABAC promotes norms, instruments, and standards for combating these threats and ensures the integrity of the financial system of member states.
Key Responsibilities:
- Promoting norms, instruments, and standards for combating money laundering and terrorist financing
- Ensuring the integrity of the financial system of member states
Conclusion
Gabon’s efforts to combat money laundering and terrorist financing are commendable, but more needs to be done to ensure full compliance with international standards. The report highlights the importance of continued vigilance and cooperation among regulatory bodies, financial institutions, and law enforcement agencies to effectively combat these threats.
Recommendations:
- Continued vigilance and cooperation among regulatory bodies, financial institutions, and law enforcement agencies
- Full compliance with international standards