The Gabonese government has taken steps to strengthen the country's anti-money laundering regulations, with a focus on the insurance sector. Nearly 45 insurance intermediaries operate in Gabon and were recently gathered by the Ministry of Economy and the National Directorate of Insurance (DNA) for a seminar on implementing anti-money laundering and combating the financing of terrorism and proliferation of weapons of mass destruction (LBC/FTP).
The seminar, held at the Arambo building, aimed to educate insurance intermediaries on their responsibilities in preventing financial crimes. According to Terence Ollomo Ebang, Commissioner of Insurance Supervision, many intermediaries were previously unaware of the requirements and did not fully understand how to apply the regulations. As a result, they were urged to take a more proactive approach to identifying and reporting suspicious transactions.
The vigilance of insurance intermediaries is crucial in preventing money laundering, and it does not stop at the payment of premiums. Intermediaries must also be cautious when handling contracts, particularly during redemption or refund operations. Failure to provide information on the origin of funds or the identity of the beneficial owner may raise suspicions and trigger further investigation.
One of the key issues addressed during the seminar was the handling of premiums below one million CFA francs. Some intermediaries had incorrectly assumed that these transactions were exempt from anti-money laundering regulations. However, according to Ebang, this is not the case, and all transactions must be subject to the same scrutiny.
The seminar also highlighted the importance of risk assessment and reporting suspicious transactions to the National Financial Investigation Agency (ANIF). Many operators in the sector have been criticized for not taking these steps, which are essential in preventing financial crimes. The intermediaries were urged to take concrete actions to address these issues and ensure compliance with regulations.
Marie Mireille Céline Koumbat Ndoumbeneni, Director of National Insurance, emphasized the responsibility of insurance intermediaries in preventing financial crimes. She outlined the expectations of her department and stressed the need for effective and adapted solutions to address the challenges faced by the sector. The seminar provided a platform for intermediaries to clarify their doubts and understand their obligations.
The insurance sector in Gabon is expected to implement these new measures to strengthen its anti-money laundering controls. The sector will be closely monitored to ensure compliance with regulations and prevent financial crimes.
Key points
- Insurance intermediaries in Gabon must implement anti-money laundering measures to combat financial crimes.
- The sector was previously criticized for not taking adequate steps to prevent money laundering.
- Intermediaries must assess risks and report suspicious transactions to the National Financial Investigation Agency.
