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COBAC’s Successful Missions Over the Last Five Years

Yaoundé, Cameroon - The Central African Banking Commission (COBAC) has made significant strides in combating money laundering and terrorist financing over the past five years. According to a recent report, COBAC has successfully carried out several missions aimed at promoting international cooperation and ensuring the integrity of the financial system in the region.

Notable Achievements

• The number of injunction decisions against reporting institutions based in Chad with AML/CTF violations between 2016 and 2021. According to Table 6.4, a total of [insert number] institutions were subjected to COBAC’s enforcement actions during this period.

International Cooperation

COBAC has been actively involved in extraditions made through international police cooperation, as outlined in Table 8.1. The report highlights the successful execution of arrest warrants between 2019 and 2021, demonstrating the commission’s commitment to combating financial crimes.

• COBAC has also sought other forms of international cooperation for AML/CTF purposes, including requests for information from other Financial Intelligence Units (FIUs) and responses received between 2017 and 2022. Table 8.2 provides a breakdown of these requests and responses.

Compliance with International Standards

The report notes that COBAC has been working closely with the FATF Secretariat to ensure compliance with international standards. Annex Table 1 details the commission’s progress in this regard, highlighting areas where it has achieved full compliance and those where improvements are still needed.

Recognition and Impact

COBAC’s efforts have not gone unnoticed. The commission has been recognized as a FATF-style Regional Body (FSRB) since 2015, and its evaluations of member states’ AML/CTF systems have contributed significantly to the region’s financial stability.

Conclusion

Overall, COBAC’s missions over the past five years demonstrate the commission’s commitment to combating money laundering and terrorist financing in Central Africa. As the region continues to evolve, COBAC remains a key player in promoting international cooperation and ensuring the integrity of its financial system.