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Introduction

The Task Force on Anti-Money Laundering in Central Africa (GABAC) plays a crucial role in promoting norms, instruments, and standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. In this report, we will delve into the AML/CFT systems of various countries in Central Africa, highlighting key points and insights.

About GABAC

Institution and Jurisdiction

GABAC is a specialized institution that promotes norms, instruments, and standards for combating money laundering, terrorist financing, and proliferation of weapons of mass destruction. Its jurisdiction includes States under the Central African Economic and Monetary Community (CEMAC).

FATF Standards

The States under GABAC’s jurisdiction have recognized the Financial Action Task Force (FATF) standards as the benchmark for combating money laundering and terrorist financing.

Mission and Objectives

GABAC’s mission is to evaluate AML/CFT systems of its Member States to assess their compliance with international standards and effectiveness of measures taken. The organization conducts mutual evaluations, which are peer reviews conducted by GABAC to assess compliance with international standards.

Mutual Evaluations

GABAC has successfully conducted mutual evaluations of its Member States, including:

• Democratic Republic of Congo (2018)
• Cameroon (2021)
• Congo (2021)

The current evaluation is on Gabon, which took place from 11 to 29 [month not specified].

Key Terms

• FATF: Financial Action Task Force
• AML/CFT: Anti-money laundering/combating the financing of terrorism
• GABAC: Task Force on Anti-Money Laundering in Central Africa
• CEMAC: Central African Economic and Monetary Community
• Mutual Evaluations: Peer reviews conducted by GABAC to assess compliance with international standards.