On October 30, 2023, Cameroon took a significant step in its fight against money laundering and terrorist financing by establishing the National Policy Coordination Committee for Combating Money Laundering, Terrorist Financing, and the Proliferation of Weapons of Mass Destruction. This committee was created following Presidential Decree No. 2023/464 of October 30, 2023. As a dedicated body for centralizing and overseeing actions against financial crimes, it marked the beginning of a new national approach based on prevention, inter-institutional cooperation, and compliance with international standards. This presidential decision is one of Cameroon’s first responses to its placement on the “enhanced monitoring” list (grey list) of the Financial Action Task Force (FATF) on June 23, 2023.
The creation of this committee comes at a time when the West African region is ramping up efforts to meet the requirements of the Financial Action Task Force (FATF), the international standard-setting body for combating money laundering.
On a positive note, Senegal, which had been under monitoring for over three years, was officially removed from the grey list following the FATF plenary meeting held in Paris on October 25, 2024.
On the other hand, Côte d’Ivoire’s inclusion on the FATF grey list on the same day, October 25, 2024, serves as a stark reminder to all countries in the region to remain vigilant and rigorous to avoid adverse economic and political repercussions. This inclusion underscores international scrutiny on economies vulnerable to money laundering and terrorist financing, urging Cameroon to heighten its vigilance.
Since the establishment of the Committee, several strategic actions have been undertaken to bolster anti-money laundering mechanisms in Cameroon.
Key initiatives include:
Strengthening financial regulation: Under the coordination of Finance Minister Louis Paul Motazé and in collaboration with the Director-General of the National Financial Investigation Agency, magistrates and judicial police officers launched a comprehensive training program in March 2022 on handling cases of money laundering and terrorist financing.
Awareness and training: Various training programs and seminars have been initiated for financial actors, businesses, and judicial authorities to promote a deep understanding of risks and processes related to combating money laundering and terrorist financing across the national territory.
International cooperation: Cameroon has intensified its collaboration with international organizations and specialized agencies, focusing on information sharing and joint investigations. This strategy will prepare Cameroon for FATF international audits and demonstrate its commitment to addressing these growing threats.
The task remains daunting given the recommendations stemming from the FATF’s June 2023 decision. Persistent illicit financial flows, particularly in conflict-affected regions, and institutional vulnerabilities across the country present significant challenges. Aware of the risks of potential inclusion on the “blacklist,” Cameroon must redouble its efforts to enhance monitoring and investigation capabilities while implementing effective follow-up mechanisms.
However, the creation of this Committee has provided decisive momentum and a clear direction toward more transparent and resilient governance. A year after its establishment, the progress made reflects Cameroon’s commitment to being a reliable actor on national, regional, and international levels while mitigating reputational and security risks inherent to this scourge.
As it celebrates its first anniversary, Cameroon reaffirms its commitment to protecting its economy from illicit financial practices and consolidating its credibility on the international stage. The tangible implementation of this committee, in collaboration with national and international partners, remains crucial in anticipating and curbing ever-evolving threats, ensuring the stability and integrity of the country’s financial system.
As the FATF and other organizations intensify their monitoring efforts, Cameroon can better prepare to meet these challenges, continuing its journey toward a transparent and secure economy that safeguards its citizens and bolsters investor confidence.
