Gabon’s Anti-Money Laundering Efforts: A Review of Type of Mission and Category of Institution (2016-2021)

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Lambarene, Gabon - In an effort to combat money laundering and the financing of terrorism, Gabon has been working tirelessly to strengthen its anti-money laundering efforts. According to a report by the Task Force on Anti-Money Laundering in Central Africa (GABAC), the country’s efforts have yielded positive results.

Types of Missions Undertaken

The report highlights the various types of missions undertaken by GABAC between 2016 and 2021, including:

• Mutual evaluations
• Follow-up visits
• Technical assistance

These missions were aimed at strengthening Gabon’s anti-money laundering efforts and ensuring compliance with international standards.

Injunctions Issued

According to Table 17, a total of 114 injunctions were issued against reporting institutions and their managers between 2016 and 2021. The majority of these injunctions were issued against banks (56%), followed by microfinance institutions (21%), insurance companies (14%), and other financial institutions (9%).

Breakdown of Injunctions Issued

International Cooperation

The report also highlights the importance of international cooperation in combating money laundering and terrorism financing. GABAC has been working closely with other regional organizations, including the Financial Action Task Force (FATF), to share best practices and enhance its anti-money laundering efforts.

Gabon’s Compliance with FATF Recommendations

According to Table 18, Gabon was partially compliant with six out of nine FATF recommendations in 2016. However, the country has since made significant progress, becoming highly compliant with eight out of nine recommendations by 2021.

Breakdown of Gabon’s Compliance with FATF Recommendations

Conclusion

In conclusion, Gabon’s anti-money laundering efforts have been yielding positive results, thanks to its commitment to international cooperation and the implementation of effective regulations. The country’s reporting institutions and their managers must continue to work together to prevent money laundering and terrorism financing.

Tables

Table 17: Injunctions Issued Against Reporting Institutions and Their Managers (2016-2021)

Table 18: Gabon’s Compliance with FATF Recommendations (2016-2021)