Financial Crime World

Uncovering the Types of Financial Crimes That Threaten Gabon’s Economy

The fight against illicit financial flows in Gabon has been an ongoing battle, with various institutions and agencies working together to curb this menace. Despite efforts made so far, illegal activities continue to plague the country’s economy.

Types of Financial Crimes

Tax fraud, market abuse, corruption, and money laundering are some of the suspected illicit commercial financial flows that threaten Gabon’s economy.

Institutions Fighting Illicit Financial Flows

  • The National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI) was created in 2003 to tackle these issues.
  • The National Agency for Financial Investigation (ANIF) monitors financial flows in relation to financial institutions and is governed by Community Regulation N°01/CEMAC/UMAC/CM of 16 April 2016 on the Prevention and Suppression of Money Laundering, Terrorist Financing, and Proliferation in Central Africa.

Strengthened Regulatory Framework

  • The presence of institutions such as the General Directorate of Customs and Indirect Rights and the General Directorate of Taxes ensures the integrity of financial transactions.
  • A Strategy Document to Combat Corruption and Money Laundering (DSLCCBC) was developed with the support of the United Nations Development Programme (UNDP).

Priority Sectors

The strategy targets 10 priority sectors likely to be subject to illicit trafficking, including:

  • Banking
  • Energy
  • Mining
  • Construction
  • Agriculture
  • Tourism
  • Healthcare
  • Education
  • Transportation
  • Real Estate

Actors Involved in the Fight against Illicit Financial Flows

  • National Financial Investigation Agency (ANIF)
  • National Directorate of the Bank of Central African States (BEAC)
  • Central African Banking Commission (COBAC)
  • Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC)

Collaborations and Initiatives

  • A joint effort between the CNLCEI, security forces, and the Public Prosecutor’s Office.
  • A collaboration between the ANIF, the banking sector, and the Public Prosecutor’s Office to tackle money laundering offenses.

Diagnostic Study

A diagnostic study was launched in April 2021 on the national assessment of governance, corruption, and the risk of illicit financial flows in the implementation of public policies. The study aims to provide an in-depth analysis of suspected illegal activities and their impact on the country’s economy.

Expected Outcomes

The expected outcomes of this pilot project include:

  • Strengthening the capacity of all actors combating IFFs
  • Establishing a mechanism for measuring and sharing data related to IFFs
  • Contributing to the implementation of objectives 16.4 and 16.5, including the reduction of illicit financial flows, the strengthening of recovery of stolen goods, and the fight against all forms of organised crime.

Conclusion

The fight against illicit financial flows in Gabon is a complex issue that requires collaboration among various agencies and institutions. By understanding the types of financial crimes that threaten the country’s economy, we can work together to develop effective strategies for combating these illegal activities.