Financial Crime World

GABON FACES SCRUTINY OVER FINANCIAL CRIME REPORTING REQUIREMENTS

Progress and Challenges in Combating Financial Crimes

Gabon has undergone an assessment by the Financial Action Task Force (FATF) on its implementation of international standards aimed at preventing and combating money laundering, terrorist financing, and other financial crimes. The report provides a comprehensive evaluation of Gabon’s performance across 40 key recommendations.

Strengths in National Cooperation and Coordination

Gabon has shown significant progress in some areas, particularly:

  • National cooperation and coordination (R.2): The country has largely complied with this recommendation.
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6): Gabon’s efforts have been rated as compliant.
  • Customer due diligence (R.10): The country has implemented regulations in this area.

Challenges in Addressing Money Laundering Offenses

While Gabon has made progress, there are concerns over its implementation of certain requirements, including:

  • Addressing money laundering offenses (R.3): The country has been rated partially compliant.
  • Confiscation and provisional measures (R.4): Gabon’s efforts have also been rated partially compliant.

Weaknesses in Regulation and Supervision

Gabon faces challenges in implementing regulations and supervision of financial institutions, including:

  • Regulation and supervision of financial institutions (R.26): The country has shown some weaknesses.
  • Powers of supervisors (R.27): Gabon’s regulatory framework needs improvement.
  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.28): The country faces challenges in this area.

Non-Compliance in Certain Areas

Gabon has been deemed non-compliant or largely compliant in the following areas:

  • Financial institution secrecy laws (R.9): The country’s implementation of these laws is a concern.
  • Transparency and beneficial ownership of legal persons (R.24): Gabon faces challenges in this area.

Overall Progress and Recommendations

Gabon’s performance has shown some improvement since the previous evaluation. However, there is still a need for further progress in certain areas to ensure compliance with international standards. The country must work towards strengthening its regulatory framework, enhancing supervision, and improving cooperation with other countries to combat financial crimes effectively.