_________________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
Links:
Worldwide AML Legislation (International Bar Association)
|
|
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011
Equatorial Guinea (EG) is not a regional financial center.
Implementation of its anti-money laundering laws is not complete,
and EG is vulnerable to money laundering and terrorist financing.
EG’s greatest concern in terms of money laundering and terrorist
financing is cross-border currency transactions and the illegal
international transfer of money by companies or by corrupt
individuals. Corruption at all levels of government and commerce
is a severe problem in EG. The Government of Equatorial Guinea
is a member of the Economic and Monetary Community of Central
Africa States (CEMAC) and shares a regional Central Bank
(BEAC) with other CEMAC members.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Not available
Legal persons covered: criminally: Not available civilly: Not
available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: NO
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: NO
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks
Enhanced due diligence procedures for PEPs: Foreign: Not
available Domestic: Not available
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Not applicable
Number of STRs: Not applicable
Number of CTRs received and time frame: None
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: None
Convictions: None
Assets forfeited: criminally: None civilly: None
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Equatorial Guinea is not a member of a Financial Action Task
Force (FATF)-style regional body (FSRB).
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Equatorial Guinea should work with the
CEMAC and BEAC to establish a viable anti-money
laundering/counter-terrorist financing (AML/CFT) regime. Within
CEMAC, there is the Banking Commission of Central Africa
(COBAC) and the Action Group against Money Laundering in
Central Africa (GABAC). Although there is no recognized FSRB in
the region, GABAC is working with banks and member states to
ensure implementation of international FATF recommendations
through two formalized relationships. If established, GABAC works
directly with the National Financial Investigative Agency (ANIF) in
each member state. GABAC also engages with all banking
institutions to urge them to become members of COBAC and then
ensures the banks are implementing and enforcing due diligence
procedures, as outlined in the international standards.
The EG should become a party to the 1988 UN Drug Convention
and the UN Convention against Corruption.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 3)
Equatorial Guinea is principally a destination for children
subjected to conditions of forced labor. Children are recruited and
transported from nearby countries – primarily Nigeria, Benin,
Cameroon, and Gabon – and forced to work as domestic servants,
market laborers, ambulant vendors, and launderers. The majority
of victims are believed to be exploited in Malabo and Bata where a
burgeoning oil industry creates demand for cheap labor and
commercial sexual exploitation. Women from Cameroon, Benin,
other neighboring countries, and China may be recruited for work
in Equatorial Guinea but subsequently subjected to forced labor
or forced prostitution.
The Government of Equatorial Guinea does not fully comply with
the minimum standards for the elimination of trafficking and has
been placed on Tier 2 Watch List for the last four consecutive
years. Therefore, pursuant to Section 107 of the 2008 Trafficking
Victims Protection Reauthorization Act, Equatorial Guinea is
deemed not to be making significant efforts to comply with the
minimum standards and is placed on Tier 3. Despite limited law
enforcement action against suspected human smugglers and
traffickers, including complicit public officials, the government has
made no tangible efforts to provide victims of trafficking with the
protective services mandated in its 2004 anti-trafficking law.
Church-run orphanages continued to provide all services for
victims of trafficking in the country without government support or
funding. The government routinely deported illegal immigrants
without attempting to determine whether they were victims of
trafficking or referring them to assistance services. Prevention
efforts have decreased, as the government did not hold any
public awareness campaigns and its interagency commission on
human trafficking took little, if any, action. The government’s
response to human trafficking has been inadequate, particularly
given the government’s substantial financial resources.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
No report available
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
Information unavailable.
____________________________________________________
US State Department Money Laundering Report - 2011
Equatorial Guinea (EG) is not a regional financial center.
Implementation of its anti-money laundering laws is not complete,
and EG is vulnerable to money laundering and terrorist financing.
EG’s greatest concern in terms of money laundering and terrorist
financing is cross-border currency transactions and the illegal
international transfer of money by companies or by corrupt
individuals. Corruption at all levels of government and commerce
is a severe problem in EG. The Government of Equatorial Guinea
is a member of the Economic and Monetary Community of Central
Africa States (CEMAC) and shares a regional Central Bank
(BEAC) with other CEMAC members.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: Not available
Legal persons covered: criminally: Not available civilly: Not
available
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: NO
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: NO
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks
Enhanced due diligence procedures for PEPs: Foreign: Not
available Domestic: Not available
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Not applicable
Number of STRs: Not applicable
Number of CTRs received and time frame: None
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: None
Convictions: None
Assets forfeited: criminally: None civilly: None
RECORDS EXCHANGE MECHANISM:
With U.S.: NO
With other governments/jurisdictions: YES
Equatorial Guinea is not a member of a Financial Action Task
Force (FATF)-style regional body (FSRB).
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
The Government of Equatorial Guinea should work with the
CEMAC and BEAC to establish a viable anti-money
laundering/counter-terrorist financing (AML/CFT) regime. Within
CEMAC, there is the Banking Commission of Central Africa
(COBAC) and the Action Group against Money Laundering in
Central Africa (GABAC). Although there is no recognized FSRB in
the region, GABAC is working with banks and member states to
ensure implementation of international FATF recommendations
through two formalized relationships. If established, GABAC works
directly with the National Financial Investigative Agency (ANIF) in
each member state. GABAC also engages with all banking
institutions to urge them to become members of COBAC and then
ensures the banks are implementing and enforcing due diligence
procedures, as outlined in the international standards.
The EG should become a party to the 1988 UN Drug Convention
and the UN Convention against Corruption.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
No report available
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
(Tier 3)
Equatorial Guinea is principally a destination for children
subjected to conditions of forced labor. Children are recruited and
transported from nearby countries – primarily Nigeria, Benin,
Cameroon, and Gabon – and forced to work as domestic servants,
market laborers, ambulant vendors, and launderers. The majority
of victims are believed to be exploited in Malabo and Bata where a
burgeoning oil industry creates demand for cheap labor and
commercial sexual exploitation. Women from Cameroon, Benin,
other neighboring countries, and China may be recruited for work
in Equatorial Guinea but subsequently subjected to forced labor
or forced prostitution.
The Government of Equatorial Guinea does not fully comply with
the minimum standards for the elimination of trafficking and has
been placed on Tier 2 Watch List for the last four consecutive
years. Therefore, pursuant to Section 107 of the 2008 Trafficking
Victims Protection Reauthorization Act, Equatorial Guinea is
deemed not to be making significant efforts to comply with the
minimum standards and is placed on Tier 3. Despite limited law
enforcement action against suspected human smugglers and
traffickers, including complicit public officials, the government has
made no tangible efforts to provide victims of trafficking with the
protective services mandated in its 2004 anti-trafficking law.
Church-run orphanages continued to provide all services for
victims of trafficking in the country without government support or
funding. The government routinely deported illegal immigrants
without attempting to determine whether they were victims of
trafficking or referring them to assistance services. Prevention
efforts have decreased, as the government did not hold any
public awareness campaigns and its interagency commission on
human trafficking took little, if any, action. The government’s
response to human trafficking has been inadequate, particularly
given the government’s substantial financial resources.
For full report click here
____________________________________________________
US State Dept Terrorism Report 2009
No report available
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| EQUATORIAL GUINEA |
| KnowYourCountry |
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| Last Updated: 16 April 2012 |