Financial Crime World

GABON FIGHTS AGAINST ILLICIT FINANCIAL FLOWS: A LOOK AT THE CURRENT SITUATION

Institutional Framework for Combating Illicit Financial Flows

In an effort to combat illicit financial flows, the government of Gabon has established a robust institutional and regulatory framework. The National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI) plays a key role in this endeavor, while the National Agency for Financial Investigation (ANIF) monitors financial flows in collaboration with financial institutions.

A Strategy to Combat Corruption and Money Laundering

The government of Gabon has developed a strategy document to combat corruption and money laundering, which targets 10 priority sectors. This effort is led by ANIF and CNLCEI, and is guided by the concept of PRECIS (Prevention, Education, Conditions, Incentives, Sanctions).

Actors in the Fight Against Illicit Financial Flows

Several key actors are involved in the fight against illicit financial flows in Gabon. These include:

  • The National Financial Investigation Agency (ANIF): ANIF plays a crucial role in monitoring financial flows and collaborating with financial institutions to prevent money laundering.
  • The National Directorate of the Bank of Central African States (BEAC) and its secular arm, the Central African Banking Commission (COBAC): BEAC and COBAC work together to regulate and supervise the banking sector, preventing illicit financial flows.
  • The Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC): GABAC is a collaborative effort between countries in Central Africa to combat money laundering and terrorist financing.

Collaboration and Coordination

A collaborative effort between CNLCEI, the Security Forces, and the Public Prosecutor’s Office has been initiated to combat illicit financial flows. Similarly, a partnership between ANIF, the banking sector, and the Public Prosecutor’s Office is working to prevent money laundering.

Challenges and Expectations

Despite efforts to combat illicit financial flows, tax fraud, market abuse, corruption, and money laundering remain significant challenges in Gabon. To address these issues, it is essential to conduct in-depth studies on suspected illicit commercial financial flows and strengthen the capacity of actors combating IFFs. Establishing a mechanism for measuring and sharing data related to IFFs is also crucial.