Financial Crime World

Cameroon Takes a Stand Against Financial Crime: National Agency for Financial Investigation at the Forefront

The battle against money laundering and terrorism financing has gained significant momentum in Cameroon, thanks to the efforts of key stakeholders, led by the National Agency for Financial Investigation (NAFI). The agency’s creation in 2005 marked a major milestone in the country’s fight against financial crime.

Establishment and Mandate

Established following Presidential Decree No. 2005/187, NAFI is responsible for receiving, analyzing, and forwarding financial intelligence to competent judicial authorities to help establish the origin of suspicious funds or transactions related to anti-money laundering and counter-terrorism financing efforts.

Key Responsibilities

  • Receiving and analyzing financial intelligence
  • Forwarding financial intelligence to judicial authorities
  • Enhancing understanding and implementation of anti-money laundering and counter-terrorism financing regulations

Progress and Challenges

As one of the first Financial Intelligence Units (FIUs) in Central Africa, NAFI has been working tirelessly to build staff capacities, reinforce its internal legal framework, and conduct awareness campaigns among key partners. However, despite progress made, there are still areas that require attention, including:

  • The need for all liable professions to join the fight against financial crime
  • Establishing a platform for consultation and exchange
  • Mobilizing national stakeholders involved in this battle

National Plan to Combat Financial Crime

To address these challenges, NAFI has developed a national plan aimed at integrating new methods and innovations into government policies to combat financial crime.

Key Objectives

  • Integrate new methods and innovations into government policies
  • Foster international cooperation
  • Safeguard the country’s financial stability

NAFI Website

The agency’s recent creation of a website is a significant step forward in encouraging parties to join the fight against financial crime. The Director of NAFI, Hubert Nde Sambone, invites visitors to provide proposals or comments on the presentation and content of the website, aimed at improving its effectiveness.

Conclusion

As Cameroon continues to battle financial crime, the role of NAFI as a leading agency in this effort is crucial. The agency’s expertise and experience will be instrumental in driving forward the fight against financial crime, fostering international cooperation, and ultimately safeguarding the country’s financial stability.