Gabon Battles Illicit Financial Flows, Embezzlement in Financial Institutions

Gabon has been actively combating illicit financial flows and embezzlement within its financial institutions by taking drastic measures to curb these illegal activities. The country’s efforts have been boosted by the creation of a dedicated ministry for good governance and the establishment of a national agency for financial investigation.

Fighting Illicit Financial Flows

The National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI) has played a crucial role in the fight against illicit financial flows. Established in 2003, the commission works closely with other government agencies to monitor financial transactions and prevent money laundering.

Challenges Faced by Gabon

One of the key challenges facing Gabon is the lack of a robust institutional, legal, and regulatory framework to deal with illegal activities. However, the country has made significant strides in this regard, including:

Implementing reforms aimed at dematerializing payment systems
Creating specialized tribunals and courts to deal with offenses related to illegal mining, forestry, and fishing activities

Strategy to Combat Corruption and Money Laundering

The government has developed a strategy document to combat corruption and money laundering, which targets 10 priority sectors that are vulnerable to illicit trafficking. The strategy is led by the National Financial Investigation Agency (ANIF) and the CNLCEI.

Key Actors in Combating Illicit Financial Flows

Gabon has identified several key actors in combating illicit financial flows, including:

ANIF
National Directorate of the Bank of Central African States (BEAC)
Central African Banking Commission (COBAC)
Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC)

Collaborations and Initiatives

The government has initiated several collaborations to combat illicit financial flows, including:

Partnership between the CNLCEI, security forces, and public prosecutors
Collaboration between the ANIF, the banking sector, and public prosecutors to deal with money laundering offenses

Diagnostic Study on National Governance, Corruption, and Illicit Financial Flows

In April 2021, Gabon launched a diagnostic study on national governance, corruption, and the risk of illicit financial flows in the implementation of public policies. The study aimed to assess the country’s vulnerability to these vices and identify areas that require improvement.

Addressing Suspected Illicit Commercial Financial Flows

Despite efforts to combat illicit financial flows, suspected illegal activities remain a major concern, including:

Tax fraud
Violation of market rules
Corruption
Money laundering

To address this issue, the government has called for in-depth studies to estimate the magnitude of these illegal activities.

The country is working to strengthen its capacity to combat illicit financial flows by enhancing the skills of all actors involved in the fight against these vices. Additionally, a mechanism will be established to measure and share data related to illicit financial flows, with the aim of reducing corruption and organized crime.

Conclusion

Gabon’s efforts to combat embezzlement and financial institutions are poised to tackle the challenge head-on and ensure a more transparent and accountable financial system. With these measures in place, the country is taking significant strides towards reducing illicit financial flows and promoting good governance.