Financial Crime World

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Cameroon Establishes Committee to Fight Money Laundering

Yaoundé, Cameroon - The Cameroonian government has taken a bold step to combat money laundering and terrorist financing by establishing a high-level committee to oversee the country’s anti-money laundering efforts.

Introduction

The Committee on Anti-Money Laundering and Combating the Financing of Terrorism (CAMLCT) was created through a presidential decree signed by President Paul Biya. The committee is tasked with reviewing and implementing measures to prevent money laundering and terrorist financing, as well as providing recommendations to the government on ways to strengthen the country’s anti-money laundering regime.

Composition of the Committee

The CAMLCT will be headed by a chairperson who will be responsible for convening meetings of the committee, which will meet at least once every six months. The committee will also have a permanent secretariat that will assist in the discharge of its duties and provide support to the chairperson.

  • Members of the committee include representatives from various government ministries and agencies, including:
    • Ministry of Finance
    • Ministry of Justice
    • Ministry of Defence
    • Ministry of External Relations
    • National Agency for Financial Investigation
  • The committee also includes representatives from the private sector, including:
    • Banks
    • Insurance companies
    • Professional associations

Responsibilities of the Committee

According to the decree, the CAMLCT will have several key responsibilities, including:

  • Reviewing and implementing measures to prevent money laundering and terrorist financing
  • Providing recommendations to the government on ways to strengthen the country’s anti-money laundering regime
  • Preparing and submitting reports to the President of the Republic on its activities

Importance of the Committee

The establishment of the CAMLCT is seen as a major step forward in Cameroon’s efforts to combat money laundering and terrorist financing. The country has been under pressure from international organizations, including the Financial Action Task Force (FATF), to improve its anti-money laundering regime and prevent the misuse of its financial system by criminal organizations.

The FATF had previously identified several weaknesses in Cameroon’s anti-money laundering regime, including inadequate laws and regulations, poor enforcement, and a lack of coordination between different government agencies. The establishment of the CAMLCT is seen as a response to these concerns and a commitment by the Cameroonian government to strengthen its anti-money laundering efforts.

Conclusion

The CAMLCT will play a crucial role in helping Cameroon to improve its anti-money laundering regime and prevent the misuse of its financial system. The committee’s activities will be closely monitored by international organizations, including the FATF, and will be subject to regular assessments to ensure that it is effectively combating money laundering and terrorist financing.