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Money Laundering and Financing of Terrorism, High in Cameroon

Newsupfront.com by Newsupfront.com
January 22, 2021
in ECONOMY
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Officials at the closing ceremony of the workshop

Officials at the closing ceremony of the workshop

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The risk of money laundering and financing of terrorism has been reported to be high in Cameroon.

By Elellem Desmond Mbong.

The observation was made during the workshop of the restitution of the Report of Cameroon Risk Assessment on Money Laundering and Financing of Terrorism that took place on January 19 2021 at the Mont Febe Hotel.

According to report, sectors more exposed to money laundering are banking, security market, insurance, micro finance, money transfer companies, money exchange casinos, real estate, precious meters and car dealing.

As concerning the financing of terrorism, the report stated the risk is high because of terrorist acts recorded in Cameroon, of detected financial flows, sources and network of terrorism financing in and as well as out of the country.

Factors taking into consideration to detect the threat of financing of terrorism are the payment of ransom, looting of financial institutions, cattle looting, contraband, counterfeit, drogue and arms trafficking, trade in agricultural and fisheries products and normal commercial activities.

Speaking during the workshop, the Minister Delegate to the Minister of Finance, Yaouba Abdoulaye who presided the closing ceremony said the conduct of this report testifies the will and determination of the Cameroon government to have a mechanism that does not only conform to international norms but also guarantee the integrity of the national financial system important to attract healthy investment necessary for the development of Cameroon.

The Minister delegate added that the report will serve as a tool of orientation and decision making at the central and sector level.

At the central level, the report will serve basically as a compass to strategic decision making in the implementation of measures seeking to strengthen the national financial mechanism of the fight against money laundering and financing of terrorism.

At the sector level, the report constitute a solid base for different national authorities, supervisory autoregulation and control organs, subjected professions who are to draw inspiration from the national evaluation of risks in order to back up and carry out their own sectoral evaluation in order to better organize and refine their surveillance, detection and repression systems.

Financed by the World Bank and accompanied by the Action Group on Money Laundering in Central Africa knowns in its french acronym GABAC, the National Evaluation of Risk of Money Laundering and Financing of Terrorism was conducted by a Committee put in place and led by the National Financial Investigation Agency (NAFI)

It should be noted that the fight against Money Laundering and Financing of Terrorism is one of the lever of financial integrity. In its pursuit of Economic development, the government is engage to modernize its financial sector.

 

Tags: Cameroonfinancing of terrorismministry of financeMoney Laundering
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