Among other things, the country has undertaken to put in place a mechanism to provide timely access to adequate information.
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In June 2023, Cameroon was subject to enhanced surveillance by the Financial Action Task Force (FATF), a global monitoring body for money laundering and terrorist financing. This surveillance highlights the flaws in the repressive system put in place at the national level.
On June 23, 2023, the FATF announced that it had placed Cameroon on its list of jurisdictions under enhanced surveillance (grey list), because the country has not taken significant measures to combat money laundering and terrorist financing. After acknowledging the facts of which it is accused by the FATF, the Cameroonian government has undertaken to set up an action plan in order to be removed from the gray list of the international institution.
The country is committed to: increasing the effectiveness of investigations and prosecutions relating to the financing of terrorism; strengthen financial control in order to improve the implementation of measures to combat money laundering and the financing of terrorism (ML/FT); put in place a mechanism to provide timely access to adequate, accurate and up-to-date information on the beneficial owners of legal persons.
In an interview granted to the weekly Cameroon Business Today, published on Wednesday July 19, 2023, Vincent Schmoll, Deputy Executive Secretary of the FATF, specifies that “the positive point is that this process has generated the necessary political enthusiasm on the part of the Cameroonian authorities to carry out the essential reforms in order to remedy these shortcomings ».
The expert also indicated that if Cameroon does not continue to progress in its action plan within the agreed deadlines, it is up to the plenary to decide on the measures to be taken. ” These can go as far as blacklisting a country, which would require action on transactions to or from that country and would have a significant economic impact. » says Vincent Schmoll.
