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Combating Money Laundering and Terrorism Financing in Gabon

Gabon has made significant strides in combating money laundering and terrorism financing between 2016 and September 2021. A recent report highlights the country’s efforts to comply with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations.

Injunctions Issued by COBAC

Between 2016 and September 2021, the Central African Banking Commission (COBAC) issued a total of 114 injunctions against reporting institutions and their managers in Gabon for at least one AML/CFT violation. The types of injunctions included warnings, fines, and suspensions.

Compliance with FATF Recommendations

Gabon has made efforts to comply with the Financial Action Task Force (FATF) recommendations on combating money laundering and terrorism financing. According to Table 18, Gabon’s compliance level stands at 210 out of 260 points.

GABAC’s Role in Combating Money Laundering and Terrorism Financing

The Task Force on Anti-Money Laundering in Central Africa (GABAC) plays a crucial role in promoting norms, instruments, and standards for combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction. GABAC evaluates the AML/CFT systems of its member states to assess their compliance with international standards and the effectiveness of measures taken.

Outcome of the Second Round of Mutual Evaluations

GABAC has successfully conducted the first round of mutual evaluations of its member states. The second round began in August 2018, with the evaluation of the Democratic Republic of Congo’s AML/CFT system. Cameroon’s system was evaluated in March 2021, followed by Congo in June 2021. Gabon is currently undergoing an on-site visit as part of its evaluation.

Conclusion

This report highlights Gabon’s efforts to combat money laundering and terrorism financing, as well as the challenges it faces in implementing effective AML/CFT measures. As a member of GABAC, Gabon must continue to work towards strengthening its financial system to prevent illicit activities and ensure the integrity of its economy.