Cameroon Grappled with Financial Crime Statistics Globally Amidst Volatile Security Situation
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Despite its rich natural resources and strategic location in Central Africa, Cameroon’s financial landscape has been plagued by a volatile security situation, institutional weakness, corruption, and inadequate regulatory environment. As a result, the country faces significant risks when it comes to financial crime.
Financial Crime Statistics Globally
According to the latest Crime and Security Risk Index compiled by BMI, Cameroon ranks high on the list of countries with elevated financial crime statistics globally. The report highlights that violence against civilians and government employees, including kidnapping and ransom, is a frequent occurrence outside of the country’s core, further exacerbating the risk profile.
Cybersecurity Concerns
Cybersecurity also remains a major concern in Cameroon, leaving businesses vulnerable to online criminality. As such, operating costs are inevitably high, with firms seeking to invest in the country advised to factor in private security costs, as well as elevated costs associated with protecting staff, assets and supply chains.
Business Risks
The report further notes that crime, security, and defence risks are a major concern for foreign business travellers and other expatriates operating in Cameroon. The Conflict Risk section highlights the risk of interstate and internal conflict, identifying key flashpoints and geographical areas.
Vulnerability to Crime
The Vulnerability to Crime indicator assesses the risk of crimes to individuals and property, from both violent and petty crime perspectives. It also examines the extent of organized crime in the territory and the capability and integrity of the police force.
Business Crime Analysis
In addition, the Business Crime section analyzes “white-collar” crimes that specifically target businesses, including financial crime and cybercrime. The report also takes a closer look at data localisation policies that may affect business operations and highlights potential reputational risks to businesses from corruption and money laundering.
Defence Market Assessment
Furthermore, the Defence Market assessment provides historic defence sector data, analysis of the armed forces and domestic defence market, as well as five-to-ten-year defence forecasts. These insights will be crucial for businesses seeking to operate in Cameroon’s defense industry.
Conclusion
Overall, Cameroon’s financial crime statistics globally are a major concern, requiring businesses to exercise extreme caution when operating in the country. By understanding the risks and challenges facing the country, businesses can better prepare themselves for the complexities of doing business in Cameroon.