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Combating Money Laundering and Terrorist Financing in Central Africa

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Summary

The Central African Financial Market Supervisory Commission and the Task Force on Anti-Money Laundering in Central Africa (GABAC) have outlined their mission, objectives, and activities to combat money laundering, terrorist financing, and proliferation of weapons of mass destruction. This report highlights key points related to GABAC’s efforts to evaluate and strengthen anti-money laundering and combating the financing of terrorism (AML/CFT) systems in its member states.

Key Points

1. GABAC’s Mission

• Promote norms, instruments, and standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction.

2. FATF Standards

• States under GABAC’s jurisdiction have formally recognized the FATF standards as a benchmark for combating money laundering and terrorist financing.
• These standards serve as a guide for countries to evaluate their AML/CFT systems and identify areas for improvement.

3. Mutual Evaluations

• GABAC conducts mutual evaluations to assess member states’ compliance with international standards and the effectiveness of their AML/CFT measures.
• This process involves evaluating the implementation of AML/CFT regulations, the quality of reporting, and the overall capacity of national authorities.

4. Second Round of Evaluations

• GABAC has completed the evaluation of the Democratic Republic of Congo, Cameroon, and Congo.
• The organization is currently evaluating Gabon as part of its ongoing efforts to strengthen AML/CFT systems in Central Africa.

This article provides a brief overview of GABAC’s mission and activities related to combating money laundering and terrorist financing in Central Africa. By promoting international standards and conducting mutual evaluations, GABAC aims to enhance the effectiveness of AML/CFT measures across its member states.