COBAC Takes Action Against Money Laundering and Terrorism Financing in Chad

Yaoundé, Cameroon - In a significant effort to combat money laundering and terrorism financing, COBAC (Central African Banking Commission) has taken decisive action against reporting institutions based in Chad with at least one AML/CFT violation between 2016 and 2021.

COBAC’s Actions Against Reporting Institutions

According to Table 6.4, COBAC issued injunction decisions against several reporting institutions in Chad for failing to comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. The commission’s actions demonstrate its commitment to ensuring the integrity of the financial system in Central Africa.

International Cooperation

COBAC has also been working closely with international partners to extradite individuals suspected of money laundering and terrorism financing. According to Table 8.1, the commission has made several extraditions through international police cooperation between 2019 and 2021.

• COBAC seeks international cooperation for AML/CFT purposes
• Requests for information from other Financial Intelligence Units (FIUs)
• Numerous requests for information made to FIUs around the world between 2017 and 2022

Progress in Implementing FATF Recommendations

The COBAC report also highlights the progress made by Central African countries in implementing FATF Recommendations, with many countries demonstrating significant improvements in their AML/CFT systems. Annex Table 1 provides a comprehensive overview of compliance with FATF Recommendations across the region.

Conclusion

COBAC’s efforts to combat money laundering and terrorism financing are part of its broader mission to promote financial stability and integrity in Central Africa. The commission’s work is critical to preventing the misuse of the financial system for illicit activities and ensuring the safety and security of citizens in the region.