Financial Crime World

Gabon’s Anti-Money Laundering Efforts: A Mixed Bag

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Gabon, a small country in Central Africa, has been working to combat money laundering and terrorist financing since 2016. However, its efforts have been inconsistent, according to a recent report by the Task Force on Anti-Money Laundering in Central Africa (GABAC).

Injunctions Issued Against Reporting Institutions

Between 2016 and September 2021, GABAC issued various types of injunctions against reporting institutions and their managers in Gabon for violating anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. The majority of these injunctions were issued for AML/CFT violations.

  • Between 2016 and September 2021, GABAC issued a total of 114 injunctions against reporting institutions and their managers in Gabon.
    • 78 were issued against financial institutions
    • 36 were issued against non-financial institutions

Categories of Institutions Affected

According to Table 18, GABAC has been most active in issuing injunctions against:

  • Credit institutions
  • Insurance companies
  • Securities dealers

Compliance with FATF Recommendations

Despite its efforts to combat money laundering and terrorist financing, Gabon’s compliance with FATF recommendations has been inconsistent. According to Table 18, Gabon is considered “non-compliant” with several FATF recommendations, including those related to:

  • Customer due diligence
  • Reporting suspicious transactions

Key Findings

  • GABAC issued 114 injunctions against reporting institutions and their managers in Gabon between 2016 and September 2021.
  • The majority of these injunctions were issued for AML/CFT violations.
  • Gabon is considered “non-compliant” with several FATF recommendations, including those related to customer due diligence and reporting suspicious transactions.
  • GABAC has been most active in issuing injunctions against credit institutions, followed by insurance companies and securities dealers.

Recommendations

To improve its anti-money laundering efforts, Gabon should:

  • Strengthen its AML/CFT regime, particularly in terms of customer due diligence and reporting suspicious transactions.
  • Improve its financial intelligence unit and increase cooperation with other countries to combat money laundering and terrorist financing.