FATF Status

Gabon is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Gabon was undertaken in 2023. According to that Evaluation, Gabon was deemed Compliant for 3 and Largely Compliant for 12 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Corruption in Gabon is a significant issue, with the Penal Code criminalizing various forms of corruption, yet enforcement is limited and impunity persists. Despite the establishment of anti-corruption bodies and Gabon's commitment to international conventions, the lack of transparency in contracting processes, particularly in the extractive industries, exacerbates the problem. Recent efforts by the transitional government to recover stolen funds indicate some progress, but widespread perceptions of endemic corruption remain.

Gabon has a small population of approximately 2.3 million and is rich in natural resources, particularly petroleum and mining, which are the backbone of its economy. Despite efforts to diversify away from oil, the economy grew only 2.3 percent in 2023, hindered by declining oil reserves, high unemployment, and infrastructure challenges, exacerbated by a recent military coup that disrupted economic activities.

Gabon has a relatively open investment climate, promoting foreign investment across various sectors such as oil and gas, infrastructure, timber, ecotourism, and mining, while offering protections against unlawful expropriation. The 1998 investment code provides foreign companies with the same rights as domestic firms, although a proposed new investment code aimed at performance-based incentives has yet to be enacted. Despite these efforts, challenges remain, including a lack of infrastructure, bureaucratic hurdles, and the need for significant investment to diversify the economy away from its dependence on petroleum and mining.