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Country Reports: G-M
Gabon Gabon is not a regional financial center. The Bank of Central African States (BEAC) supervises Gabon’s banking system. BEAC is a regional Central Bank that serves six countries of Central Africa. According to a 2003 letter from the Government of Gabon (GOG) to the UN Counter Terrorism Committee, in matters concerning suspicious financial transactions, banks are bound by the instructions of the Ministry of Economic and Financial Affairs. The actual monitoring of financial transactions is conducted by the Economic Intervention Service that harmonizes the regulation of currency exchanges in the member States of the Central African Economic and Monetary Community (CEMAC). On November 20, 2002, the BEAC Board of Directors approved draft anti-money laundering a ... [Read More]
Money Laundering and Financial Crimes
Colombia criminalized the laundering of the proceeds of all illegal activities in 1995. In 1998, the Prosecutor General's Office established a special money laundering unit to investigate and prosecute cases under the law, but there still has not been a single money laundering conviction. This is attributable in part to the high rate of turnover within the money laundering unit, making it difficult for the unit to develop the requisite expertise in this highly complex area. The unit has also encountered difficulties in developing its money laundering investigations sufficiently to prove the underlying illegal activity required for a money laundering conviction. Colombia's banks continue to comply with the reporting requirements designed to flag suspicious transactions and have been very cooperative with U.S. efforts to curtail financial transactions by individuals and entities designated as involved with narcotics trafficking. ... [Read More]
Andorra (06/05)
... Andorra has no defense forces and only a small internal police force. All able-bodied men who own firearms must serve, without remuneration, in the small army, which is unique in that all of its men are treated as officers. The army has not fought for more than 700 years, and its main responsibility is to present the Andorran flag at official ceremonies. ... [Read More]
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