Financial Crime World

Gabon Tightens Screws on Financial Crimes: Regulatory Updates Take Effect

Combating Illicit Financial Flows: A New Era for Gabon

Gabon has taken significant strides in combating illicit financial flows (IFFs) with a raft of regulatory updates and institutional reforms aimed at strengthening its anti-money laundering framework.

Establishment of the Ministry for Good Governance

At the heart of these efforts is the creation of a dedicated Ministry for Good Governance, established to oversee the country’s efforts to combat corruption and promote transparency. The Ministry will play a crucial role in coordinating the government’s initiatives to prevent and suppress financial crimes.

Key Institutional Reforms

  • Restructuring of the National Commission for the Fight against Corruption and Illicit Enrichment (CNLCEI): The CNLCEI has been restructured to enhance its effectiveness in tackling financial crimes. This reform aims to strengthen the commission’s capacity to investigate and prosecute corruption cases.
  • Empowerment of the National Agency for Financial Investigation (ANIF): ANIF, a key player in monitoring financial flows, has been empowered to work closely with financial institutions to prevent and suppress money laundering, terrorist financing, and proliferation in Central Africa.

Strengthening the Judicial System

Gabon’s judicial system has also undergone reforms, with the creation of specialized tribunals and courts to tackle offenses related to illegal mining, forestry, and fishing activities. This move aims to prevent illicit financial flows linked to these sectors.

International Cooperation

The United Nations Development Programme (UNDP) has supported Gabon in developing a Strategy Document to Combat Corruption and Money Laundering (DSLCCBC), which targets 10 priority sectors vulnerable to illicit trafficking. The document is led by ANIF and CNLCEI, with the goal of implementing the PRECIS concept (Prevention, Education, Conditions, Incentives, Sanctions).

Collaboration between Key Stakeholders

The fight against IFFs in Gabon involves a range of actors, including:

  • ANIF: The National Agency for Financial Investigation
  • National Directorate of the Bank of Central African States (BEAC): The central bank of the Economic and Monetary Community of Central Africa (CEMAC)
  • Central African Banking Commission (COBAC): A regional banking commission that oversees the financial sector in CEMAC
  • Inter-Governmental Task Force against Money-Laundering in Central Africa (GABAC): A regional task force that aims to combat money laundering in CEMAC

Diagnosing Illicit Financial Flows

In recent years, collaboration between key stakeholders has been enhanced to combat money laundering offenses. A diagnostic study on national governance, corruption, and risk of illicit financial flows was launched in April 2021.

Challenges Ahead

Gabon’s suspected illicit commercial financial flows include tax fraud, market abuse, corruption, and money laundering. Conducting in-depth studies to estimate these flows is crucial to implementing objectives related to reducing IFFs, strengthening asset recovery, and combating organized crime.

Next Steps

Strengthening the capacity of actors combatting IFFs and establishing a mechanism for measuring and sharing data on IFFs are essential next steps in Gabon’s efforts to combat financial crimes.