Financial Crime World

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Gabon: Compliance with FATF Recommendations Under Scrutiny

Gabon has been under the spotlight as it undergoes a thorough evaluation of its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) systems by the Task Force on Anti-Money Laundering in Central Africa (GABAC).

Recent Developments

Between 2016 and September 2021, GABAC issued injunctions against several reporting institutions and their managers based in Gabon for AML/CFT violations. The types of missions and categories of institutions involved were varied, with COBAC, the Central African Banking Commission, taking the lead in enforcing compliance.

Injunctions Issued by COBAC

Table 17 provides a breakdown of the typology of injunctions issued by COBAC against reporting institutions and their managers during this period.

Progress in Complying with FATF Recommendations

While there have been some areas of non-compliance, GABAC is working closely with Gabon to address these issues and ensure that its AML/CFT systems are robust and effective.

Key Findings

  • Between 2016 and September 2021, COBAC issued injunctions against several reporting institutions and their managers based in Gabon for AML/CFT violations.
  • The types of missions and categories of institutions involved were varied, with COBAC taking the lead in enforcing compliance.
  • Gabon has made some progress in complying with FATF Recommendations, but there are still areas that require improvement.

Implications

The findings of this evaluation have significant implications for Gabon’s financial system and its ability to combat money laundering and terrorist financing. The country must take swift action to address the identified weaknesses and ensure that its AML/CFT systems are effective in preventing illicit activities.

Next Steps

GABAC will continue to work closely with Gabonese authorities to address the identified areas of non-compliance and ensure that the country’s AML/CFT systems are robust and effective. The outcome of this evaluation will be crucial in determining Gabon’s level of compliance with international standards and its ability to prevent money laundering and terrorist financing.

Contact

For more information on GABAC’s evaluation process and findings, please contact [insert name] at [insert email] or [insert phone number].