Money Laundering, Financing Terrorism : Combat Campaign Underway In SW, NW

The Minister of Finance has raised concerns about the absence of court decisions on money laundering as well as the dearth of convictions for that particular spectrum of crimes. Louis Paul Motaze was on 15 June, 2022, addressing Magistrates, Gendarmerie, Police and other investigating officers from both the North West and South West Regions assembled in Buea for specific resourcing on the issue. The Minister continued his worry asking at what level the problem of money laundering and terrorism financing should really lie in the judiciary system. He said the lethargic situation has caused Cameroon a position “under the accelerated monitoring regime following GABAC’s evaluation and to be placed under observation by the Financial Action Task Force (FATF)”.
For that worrisome situation, Minister Motaze revealed that a kind of Damocles sword was hanging over Cameroon with the observation period of six months expiring just next February 2023. The Minister stressed that only six months were left to  correct the major shortcomings identified by GABAC experts, failing which Cameroon could be classified as “non-cooperative State” with the claim that the country does not sufficiently implement measures to combat money laundering....