Financial Crime World

GABON STRENGTHENS FINANCIAL CRIME FIGHTING FRAMEWORK, BUT NEEDS TO ADDRESS SOME AREAS

Gabon has made significant progress in implementing the Financial Action Task Force (FATF) Recommendations, but still faces challenges in some areas, according to a recent mutual evaluation report. The report assesses Gabon’s implementation of anti-money laundering and combating financing of terrorism (AML/CFT) measures.

KEY FINDINGS

Areas of Progress

Gabon has made significant progress in the following areas:

  • National Cooperation and Coordination: Gabon has strengthened its national cooperation and coordination mechanisms, which are essential for effective AML/CFT efforts.
  • Confiscation and Provisional Measures: The country has implemented confiscation and provisional measures to effectively deal with financial crimes.
  • Customer Due Diligence: Gabon has improved its customer due diligence procedures, which help prevent money laundering and terrorist financing.

Areas for Improvement

However, the report also highlights areas where Gabon needs to improve:

  • Financial Institution Secrecy Laws: Gabon’s financial institution secrecy laws do not provide sufficient transparency, making it difficult to investigate and prosecute financial crimes.
  • Record Keeping: The country’s record-keeping requirements are inadequate, which can hinder effective monitoring of transactions and prevention of money laundering.
  • Politically Exposed Persons: Gabon has not effectively implemented measures to prevent politically exposed persons from engaging in suspicious activities.

IMPLICATIONS

The mutual evaluation report provides a comprehensive assessment of Gabon’s AML/CFT framework. While the country has made significant progress, it still needs to address some areas to strengthen its financial crime fighting efforts.

NEXT STEPS

To address the areas highlighted in the report, Gabon should:

  1. Review and Amend Financial Institution Secrecy Laws: Provide sufficient transparency by reviewing and amending its financial institution secrecy laws.
  2. Strengthen Record-Keeping Requirements: Ensure effective monitoring of transactions by strengthening record-keeping requirements.
  3. Implement Measures for Politically Exposed Persons: Prevent politically exposed persons from engaging in suspicious activities by implementing measures to effectively monitor their activities.

By addressing these areas, Gabon can further strengthen its AML/CFT framework and effectively combat financial crimes.