Financial Crime World

GABON: Authorities Crack Down on Fraudulent Banking Activities

In an effort to combat illicit financial flows, the Gabonese government has launched a concerted campaign to tackle fraudulent activities in the banking sector. This initiative is part of a broader strategy aimed at preventing money laundering, terrorist financing, and proliferation in Central Africa.

Key Milestones

  • The creation of a dedicated Ministry for Good Governance and the National Commission for the Fight against Corruption and Illicit Enrichment have been crucial steps in this fight.
  • The National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI), established in 2003, has played an instrumental role in monitoring financial flows and working with financial institutions to prevent illicit activities.

Key Players

  • The National Agency for Financial Investigation (ANIF) is responsible for monitoring financial flows and works closely with regulatory bodies such as the Central African Banking Commission (COBAC) and the Bank of Central African States (BEAC).
  • ANIF also collaborates with other actors, including CNLCEI, BEAC, COBAC, and the Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC).

Reforms and Initiatives

  • Gabon has implemented reforms aimed at dematerializing payment systems, allowing for greater transparency and accountability in financial transactions.
  • The 2019 reform of the judicial system has enabled the creation of specialized tribunals and courts to combat offenses related to illegal mining, forestry, and fishing activities.

Strategy Document

  • The government has developed a strategy document with the support of the United Nations Development Programme (UNDP) to combat corruption and money laundering.
  • This document targets ten priority sectors vulnerable to illicit trafficking and is guided by the concept of PRECIS (Prevention, Education, Conditions, Incentives, Sanctions).

Ongoing Efforts

  • A diagnostic study on national governance, corruption, and the risk of illicit financial flows was launched in April 2021.
  • The study aims to assess the effectiveness of public policies and identify areas where improvement is needed.

Challenges and Future Plans

  • Despite progress made, suspected illicit commercial financial flows to Gabon continue to pose a significant challenge.
  • Authorities are conducting in-depth studies to estimate the magnitude of these flows and contribute to the implementation of objectives aimed at reducing corruption and organized crime.
  • Efforts are being made to strengthen the capacity of all actors combating illicit financial flows and establish a mechanism for measuring and sharing data related to these activities.

Conclusion

The Gabonese government’s efforts to combat fraudulent banking activities have led to significant progress in preventing money laundering, terrorist financing, and proliferation. The implementation of reforms, strategies, and initiatives has strengthened the country’s ability to detect and prevent illicit financial flows. As the fight against corruption and organized crime continues, authorities are committed to strengthening their capacity and sharing data related to these activities.