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Central Africa: GABAC Task Force Battles Money Laundering and Terrorist Financing

Yaoundé, Cameroon - The Central African Economic and Monetary Community (CEMAC) has taken a significant step in combating money laundering and terrorist financing in the region.

The Task Force on Anti-Money Laundering in Central Africa (GABAC), a specialized institution of CEMAC, has been evaluating the anti-money laundering and combating the financing of terrorism (AML/CFT) systems of its member states. GABAC is a FATF-style Regional Organization (FATF-RTO) that was admitted as an FSRB in 2015.

Mission and Objectives

GABAC’s mission is to evaluate the AML/CFT systems of its member states to assess their compliance with international standards and the effectiveness of measures taken. The organization aims to ensure the integrity of the financial system in each country and identify areas for improvement.

Evaluation Process

The evaluation process involves a comprehensive assessment of each country’s AML/CFT system, including:

  • Legal framework
  • Regulatory institutions
  • Financial sector supervision
  • Enforcement mechanisms

The findings of the evaluation are used to identify areas for improvement and provide recommendations for strengthening the country’s AML/CFT regime.

Recent Evaluations

GABAC has recently evaluated the AML/CFT systems of several member states, including:

  • Gabon (November 11-29, 2021)
  • Cameroon (March 2021)
  • Congo (June 2021)

The organization is expected to conduct similar evaluations for other member states in the coming months.

Weaknesses and Recommendations

According to sources, the evaluation revealed several weaknesses in Gabon’s AML/CFT regime, including:

  • Inadequate supervision of financial institutions
  • Insufficient resources allocated to combating money laundering and terrorist financing

GABAC has provided recommendations for strengthening the country’s AML/CFT regime.

Importance of Cooperation

The organization is working closely with international partners, including:

  • Financial Action Task Force (FATF)
  • International Monetary Fund (IMF)
  • World Customs Organization (WCO)

In a statement, GABAC’s Director-General emphasized the importance of cooperation between member states and international organizations in combating these threats. “We are committed to ensuring that our financial system is free from money laundering and terrorist financing,” he said. “We will continue to work closely with our partners to strengthen our AML/CFT regime and protect our region from these threats.”