Financial Crime World

Gabon Takes Steps to Combat Illicit Financial Flows

Strengthening Banking Security Measures Against Financial Crimes

Gabon, a country in central Africa, has been taking significant steps to enhance its banking security measures against financial crimes. According to officials, the government has created a ministry dedicated to good governance and established a national commission to fight against corruption and illicit enrichment.

National Commission for the Fight Against Corruption and Illicit Enrichment (CNLCEI)

The CNLCEI was set up in 2003 and works closely with law enforcement agencies and financial institutions to prevent and investigate money laundering, terrorist financing, and other forms of financial crime. This has led to the establishment of a national agency for financial investigation, which is responsible for monitoring financial flows and collaborating with banks and other financial institutions.

Regulatory Framework: Ensuring Regularity of Financial Flows

The government has implemented reforms aimed at ensuring the regularity of financial flows through the General Directorate of Customs and Indirect Rights and the General Directorate of Taxes. These administrations have:

  • Dematerialized payment systems, making it easier to track transactions and identify potential suspicious activity
  • Implemented measures to prevent and investigate money laundering and other forms of financial crime

Strategy and Actors: Guided by PRECIS Concept

The government’s strategy to combat illicit financial flows is guided by the concept of PRECIS (Prevention, Education, Conditions, Incentives, Sanctions). The vision is to create a more transparent and accountable system that prevents corruption and money laundering.

Several actors are involved in this effort, including:

  • National Financial Investigation Agency (ANIF): works with banks to identify suspicious transactions and prevent them from entering the financial system
  • National Directorate of the Bank of Central African States (BEAC): collaborates with law enforcement agencies to combat money laundering
  • Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC): coordinates efforts across central African countries to combat money laundering

Collaboration and Data-Sharing

The government has initiated collaboration between the CNLCEI, law enforcement agencies, and financial institutions to combat money laundering. A diagnostic study on the national assessment of governance, corruption, and risk of illicit financial flows in public policies was launched in April 2021.

Expected Outcomes

The government expects that these efforts will lead to a significant reduction in illicit financial flows, the strengthening of recovery mechanisms for stolen goods, and the fight against all forms of organized crime. The capacity of actors combating IFFs is expected to be strengthened, and a mechanism for measuring and sharing data related to IFFs will be established.

By taking these steps, Gabon is demonstrating its commitment to tackling illicit financial flows and promoting good governance in the country.