Financial Crime World

Here is the rewritten article in markdown format:

Task Force on Anti-Money Laundering in Central Africa (GABAC)

Introduction

The Task Force on Anti-Money Laundering in Central Africa (GABAC) is a specialized institution of the Central African Economic and Monetary Community (CEMAC). Its mission is to promote norms, instruments, and standards for combating money laundering, terrorism financing, and proliferation.

Key Points

  • GABAC is a FATF-style Regional Body that evaluates the AML/CFT systems of its member states.
  • The States under GABAC’s jurisdiction have recognized the FATF standards as the benchmark for combating these threats.
  • GABAC was admitted as an FSRB in 2015 and began evaluating the AML/CFT systems of its member states.
  • The second round of mutual evaluations started with the Democratic Republic of Congo (August 2018) and continued with Cameroon, Congo, and Gabon.

Analysis

Regional Approach

GABAC’s focus on regional cooperation and mutual evaluation is a key aspect of its mission to combat money laundering and terrorism financing. By working together, GABAC’s member states can share knowledge, best practices, and resources to improve their AML/CFT measures.

FATF Standards

The recognition of the FATF standards as the benchmark for combating these threats demonstrates a commitment to international best practices. The FATF standards provide a framework for countries to implement effective AML/CFT measures and promote global cooperation.

Evaluation Process

The second round of mutual evaluations highlights GABAC’s efforts to assess the effectiveness of AML/CFT measures in its member states. This process allows GABAC to identify areas for improvement and provide technical assistance to its member states.

Gabon Evaluation

An on-site visit from 11 to 29 April ( likely 2022, but not specified) indicates that Gabon is currently undergoing an evaluation process. This evaluation will assess Gabon’s AML/CFT measures against the FATF standards and provide recommendations for improvement.

Conclusion

Overall, this document provides insight into GABAC’s role and mission in promoting regional cooperation and combating financial threats in Central Africa. By working together, GABAC’s member states can improve their AML/CFT measures and contribute to a safer and more stable region.