Financial Crime World

GABON STRUGGLES TO CONTAIN FINANCIAL CRIME, MUTUAL EVALUATION REVEALS

A recent financial crime investigation methods evaluation has revealed that Gabon is facing significant challenges in combating money laundering and terrorist financing. The country’s implementation of international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT) was found to be lacking in several areas.

Key Findings

  • Gabon received ratings ranging from “non-compliant” to “partially compliant” across various aspects of its AML/CFT regime.
  • The country’s risk assessment and risk-based approach were deemed non-existent, while its national cooperation and coordination mechanisms were only partially in place.
  • Weaknesses were identified in Gabon’s money laundering offence provisions, confiscation and provisional measures, financial institution secrecy laws, and customer due diligence requirements.

Progress Made

  • Gabon’s transparency and beneficial ownership of legal persons and arrangements were deemed compliant.
  • Regulation and supervision of financial institutions and designated non-financial businesses and professions (DNFBPs) were partially compliant.
  • The country’s financial intelligence unit was operational, but its powers and capabilities needed to be strengthened.

Challenges Ahead

  • Gabonese authorities are urged to strengthen their AML/CFT regime and improve their implementation of international standards.
  • Key areas requiring attention and improvement include:
    • Risk assessment and risk-based approach
    • National cooperation and coordination mechanisms
    • Money laundering offence provisions, confiscation and provisional measures
    • Financial institution secrecy laws and customer due diligence requirements

Conclusion

While Gabon has made some progress in combating financial crime, there is still much work to be done to bring its AML/CFT regime up to international standards. The government must take concrete steps to address these weaknesses and improve the effectiveness of its financial crime investigation methods.