GABON FAILS TO MEET GLOBAL STANDARDS ON FINANCIAL CRIME FIGHTING
Financial Action Task Force (FATF) Mutual Evaluation Report Reveals Significant Gaps
A recent mutual evaluation report published by the Financial Action Task Force (FATF) has found that Gabon has failed to meet several key requirements for fighting financial crime. The report, released in 2023, assessed Gabon’s compliance with FATF recommendations and identified significant gaps in the country’s ability to prevent and investigate financial crime.
Key Areas of Non-Compliance
- Risk Assessment and Risk-Based Approach: Gabon did not have a comprehensive framework for identifying and mitigating risks, leaving it vulnerable to financial crime.
- National Cooperation and Coordination: There were inconsistencies between different government agencies and departments, hindering effective national cooperation and coordination.
Areas of Compliance
- Money Laundering Offences: Gabon was found to be largely compliant in the implementation of money laundering offences, confiscation and provisional measures, and targeted financial sanctions related to terrorism and terrorist financing.
- Customer Due Diligence, Record Keeping, and Correspondent Banking: However, significant gaps remained in these areas.
Call for Urgent Action
The FATF report has raised concerns about Gabon’s ability to prevent and investigate financial crime. The organization emphasizes the need for urgent action to address these gaps and improve overall compliance with international standards.
Statement from the FATF
“Gabon must now take concrete steps to address the remaining deficiencies and ensure that it has a robust framework for preventing and investigating financial crime.”
Conclusion
The mutual evaluation report is part of a broader effort by the FATF to improve global cooperation on financial crime fighting. Gabon’s failure to meet these requirements highlights the importance of effective implementation of international standards in preventing and investigating financial crime.