Financial Crime World

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GABON TIGHTENS NOOSE ON MONEY LAUNDERING REGULATIONS

The government of Gabon has taken a significant step in its fight against illicit financial flows, with the creation of a dedicated ministry for good governance and an independent administrative authority to tackle corruption and money laundering.

Creation of New Authorities

  • The National Commission for the Fight Against Corruption and Illicit Enrichment (CNLCEI) was established in 2003.
  • The National Agency for Financial Investigation (ANIF) was set up to monitor financial flows and detect money laundering. ANIF is governed by Community Regulation N°01/CEMAC/UMAC/CM of April 2016 on the Prevention and Suppression of Money Laundering, Terrorist Financing and Proliferation in Central Africa.

Reforms Implemented

  • Gabon has implemented reforms aimed at dematerializing payment systems.
  • The 2019 reform of the judicial system created specialized tribunals and courts to tackle offenses related to illegal mining, forestry, and fishing activities.

Strategy Document Developed

  • The government, with the support of the United Nations Development Programme (UNDP), has developed a strategy document to combat corruption and money laundering.
  • The document targets 10 priority sectors vulnerable to illicit trafficking and is led by ANIF and CNLCEI. Its vision is guided by the concept of PRECIS (Prevention, Education, Conditions, Incentives, Sanctions).

Key Actors Involved

  • National Financial Investigation Agency (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)

Collaboration and Initiatives

  • Diagnostic study on national governance, corruption, and risk assessment launched in April 2021.
  • The study aims to assess the implementation of public policies and identify areas for improvement.

Challenges and Next Steps

  • Despite challenges, Gabon has identified suspected illicit financial flows, including tax fraud, violation of market rules, corruption, and money laundering.
  • To combat these flows, the government plans to conduct in-depth studies, strengthen institutional capacity, and establish a mechanism for measuring and sharing data related to IFFs.

Pilot Project

  • The pilot project aims to reduce illicit financial flows, recover stolen goods, and fight organized crime.
  • The ultimate goal is to reduce corruption in all its forms. With this initiative, Gabon is poised to take a significant step towards ensuring good governance and transparency in its financial sector.