H.E. Obiang Nguema Mbasogo decrees creation of Coordination Committee Against Money Laundering

The decree creating the Coordination Committee Against Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction begins with a Presentation of Reasons contained within Equatorial Guinea Basic Law, which states that one of the pillars of Equatoguinean society is the economic development of the nation, and the fact that the President of the Republic can determine national policy.

The decree, the intention of which is to ensure that Equatorial Guinea is considered to be a country which is compliant with the 40+9 Recommendations from FATF, was approved after consideration by the Council of Ministers at the meeting held on 13th April, at the behest of the Minister for Finance, the Economy and Planning.

The National Coordination Committee (CNBC), overseen by and dependent on the Minister for Finance, the Economy and Planning, is responsible for organising, coordinating and controlling the activities of the National Association of Financial Institutions, aimed at the effective implementation of the FATF Recommendations in Equatorial Guinea.

With regard to the powers contained in Title II, the CNBC will be responsible for assisting public authorities, economic, social, financial and non-financial and monetary players, in addition to the population. At the same time it must propose all the measures which will allow the application in Equatorial Guinea of the decisions taken by regional and international bodies in the fight against money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction in the country.

It must also support the National Agency for Financial Investigation (ANIF) in the coordination and monitoring of the periods of self-evaluation and mutual evaluation of the device, set out proposals which are capable of leading to regulations, ensure better coordination of the State services involved, and promote the concentration of professionals, public and private administrations or individuals who are bound by the legislation and regulations.

This Coordination Committee will be made up of a representative from the ministries of Finance, Justice, Security, Defence, Public Works, Mines, Industry, Commerce, Foreign Affairs, Agriculture, Human Rights, Transport, Culture, the State Attorney General, ANIF; BEAC, the Professional Association of Banks and Financial Institutions, Insurance Companies, the Equatorial Guinea College of Lawyers, Notaries, Civil Society, and any other institution with a clear involvement in the fight.

The decree empowers the Minister for Finance, the Economy and Planning to name the members of the Coordination Committee, under proposals from ministers or the relevant structures.

The committee will be attended by a Permanent Secretary, proposed by ANIF. The Permanent Secretary will exercise a role of protocol, coordination and monitoring of the effective application of the measures and recommendations from the meetings, and the committee will meet when called by the president, in ordinary session, once every quarter, and in extraordinary session when necessary.

The decree adds that the reports on the work of the Coordination Committee will be sent to the President of the Republic, and to the Ministries of Finance, the Economy and Planning; National Security; Justice, Worship and Penitentiary Institutions; Foreign Affairs and Cooperation; and National Defence.

Source: Official Web Page of the Government of the Republic of Equatorial Guinea

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