Financial Crime World

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Central African Financial Market Supervisory Commission and GABAC

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Introduction

The Central African Financial Market Supervisory Commission (CAMS) and the Task Force on Anti-Money Laundering in Central Africa (GABAC) are crucial institutions that work together to promote norms, instruments, and standards for combating money laundering, terrorist financing, and proliferation.

Preamble

As a specialized institution of the Central African Economic and Monetary Community (CEMAC), GABAC has recognized the Financial Action Task Force (FATF) standards as the benchmark for its efforts. This recognition underscores the organization’s commitment to upholding international standards in combating financial crimes.

GABAC’s Mission

GABAC’s mission is multifaceted:

  • Evaluating the anti-money laundering and combating the financing of terrorism (AML/CFT) systems of its member states to assess compliance with international standards.
  • Assessing the effectiveness of measures taken by member states to prevent and combat financial crimes.

Mutual Evaluations

GABAC has conducted mutual evaluations of its member states, which include:

List of Conducted Evaluations

  • Democratic Republic of Congo (August 2018): Evaluation results were submitted to assess compliance with international standards.
  • Cameroon (March 2021): GABAC assessed Cameroon’s AML/CFT systems and provided recommendations for improvement.
  • Congo (June 2021): The evaluation focused on assessing the effectiveness of Congo’s measures in preventing and combating financial crimes.
  • Gabon (current evaluation): Details about this ongoing evaluation are not yet available.

The GABAC’s efforts to promote international standards and best practices in combating financial crimes are crucial for maintaining stability and security in the region.