Financial Crime World

Gabon Cracks Down on Money Laundering with Advanced Detection Tools

Strengthening Institutional Framework and Regulatory Mechanisms

In a bid to combat illicit financial flows, Gabon has strengthened its institutional framework and regulatory mechanisms to detect and prevent money laundering. The country’s efforts have been guided by a Strategy Document to Combat Corruption and Money Laundering, developed in partnership with the United Nations Development Programme (UNDP).

Key Role of National Agency for Financial Investigation (ANIF)

The National Agency for Financial Investigation (ANIF) plays a key role in monitoring financial flows and collaborating with financial institutions to prevent money laundering. ANIF is governed by Community Regulation N°01/CEMAC/UMAC/CM of April 16, 2016, on the Prevention and Suppression of Money Laundering, Terrorist Financing and Proliferation in Central Africa.

Reforms and Initiatives

Gabon’s government has implemented reforms aimed at:

  • Dematerializing payment systems
  • Strengthening the judicial system
  • Establishing specialized tribunals and courts to prosecute offenses related to illegal mining, forestry, and fishing activities

Collaboration Efforts

The national financial investigation agency (ANIF) is leading a collaborative effort with:

  • National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI)
  • Security Forces
  • Public Prosecutor’s Office
  • Banking sector

to combat illicit financial flows.

Diagnostic Study on National Governance and Corruption

A diagnostic study on national governance, corruption, and the risk of illicit financial flows was launched in April 2021 as part of the country’s efforts to assess its implementation of public policies.

Addressing Illicit Financial Flows

Gabon’s authorities are aware that suspected illicit commercial financial flows originate from:

  • Tax fraud
  • Violation of market rules
  • Corruption
  • Money laundering

To address this issue, the country plans to conduct in-depth studies to estimate these financial flows and strengthen the capacity of all actors combating IFFs.

Objectives

The government aims to establish a mechanism for measuring and sharing data related to IFFs and reduce illicit financial flows by:

  • Recovering stolen goods
  • Fighting organized crime
  • Curbing corruption in all its forms

With advanced detection tools in place, Gabon is poised to effectively combat money laundering and maintain the integrity of its financial system.