Financial Crime World

Gabon: Systemic Corruption and Financial Crimes Persist Despite Reform Efforts

Grappling with Corruption and Financial Crimes for Years

Gabon, a West African country, has been struggling with systemic corruption and financial crimes for years, despite efforts to reform its fiscal management system. According to Transparency International’s Corruption Perception Index, Gabon ranked 124 out of 180 in 2021, indicating a high level of corruption.

Contributing Factors

  • Porous borders: The country’s porous borders and smuggling activities have contributed to the prevalence of financial crimes such as embezzlement, money laundering, and drug trafficking.
  • Vulnerable sectors: The oil and gas sector, timber industry, and extractive sector are particularly vulnerable to corruption and financial malfeasance.

Implicated Officials

Top officials have been implicated in various financial crimes, including:

  • Looting the nation’s wealth
  • Money laundering
  • Unexplained wealth

Recent cases include:

  • A former director of the Gabon Oil Company, Brice Laccruche Alihanga, who was sentenced for corruption charges involving him and two other former employees.
  • Two officials convicted of embezzlement and money laundering, sentenced to 12 and 10 years respectively.

The Bongo Family’s Alleged Involvement

The Bongo family, which has ruled Gabon for five decades, has been accused of looting the country’s wealth. Investigations have revealed that the family owns:

  • Bundles of cash
  • Cars
  • Expensive properties
  • General assets purchased with stolen funds from the nation’s economy

The family is also suspected to have benefited from a fraudulently acquired real estate empire worth 85 million Euros.

Drug Trafficking Concerns

Drug trafficking is another major concern in Gabon, with:

  • Cannabis
  • Cocaine
  • Tramadol
  • Heroin
  • Synthetic drugs being smuggled into the country through its porous borders. These drugs are then repackaged and shipped to various destinations, encouraging money laundering.

Despite adopting relevant laws to combat organized crime, Gabon’s legal system remains weak, making it difficult to prosecute financial criminals. The country’s failure to implement effective reforms has allowed systemic corruption and financial crimes to persist, undermining its economic stability and development.