FATF Status

Cameroon is on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 25 October 2024

In June 2023, Cameroon made a high-level political commitment to work with the FATF and GABAC to strengthen the effectiveness of its AML/CFT regime. Cameroon should continue working on implementing its action plan to address its strategic deficiencies, including by: (1) aligning AML/CFT national strategies and policies with the findings of the NRA and monitoring their implementation, and demonstrating AML/CFT cooperation and coordination between competent authorities; (2) ensuring risk-based prioritisation of incoming international cooperation requests in line with risks and responding in an effective manner; (3) enhancing risk-based supervision of banks and implementing effective risk-based supervision for non-bank FIs and DNFBPs, and conducting appropriate outreach to high-risk FIs and DNFBPs; (4) maintaining and ensuring timely access by competent authorities to adequate and up to date beneficial ownership information on legal persons, and establishing a sanctions regime for violations of transparency obligations applicable to legal persons; (5) enhancing secure information exchange between the FIU, reporting entities and competent authorities and demonstrating an increase in dissemination of intelligence reports to support operational needs of competent authorities; (6) demonstrating that authorities are able to conduct a range of ML investigations, and prosecute ML in line with risks; (7) implementing policies and procedures for seizing and confiscating proceeds and instrumentalities of crime and managing frozen, seized and confiscated property, and prioritising seizure and confiscation of assets at the border; (8) demonstrating that TF investigations and prosecutions are pursued in line with risk; and (9) demonstrating effective implementation of TF and PF TFS regimes and implementing a risk-based approach to NPOs without disrupting legitimate NPO activities. 

European Commission List of Countries with Strategic Deficiencies in their AML/CFT Regimes

Cameroon is on the EU Commission list of High Risk jurisdictions which have been identified as having strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes that pose significant threats to the financial system of the European Union (‘high-risk third countries’).

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cameroon was undertaken in 2022. According to that Evaluation, Cameroon was deemed Compliant for 5 and Largely Compliant for 13 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.

Corruption in Cameroon is widespread despite existing laws that criminalize it, with the country ranking 140 out of 180 in Transparency International's Corruption Perception Index in 2023. Although anti-corruption measures, such as the National Anti-Corruption Commission and asset declaration requirements for officials, are in place, enforcement is inconsistent and often ineffective, leading to pervasive bribery, particularly in government procurement and the mining sector. The legal framework is complicated and lacks transparency, making it challenging for foreign companies to operate, while the government has shown limited commitment to international anti-corruption initiatives.

Cameroon's economy is on a path of recovery, with the IMF projecting real GDP growth to reach 4.3 percent in 2024, bolstered by rising oil prices and increased non-oil production. Despite facing challenges such as a high debt burden and security issues, the country benefits from competitive advantages like bilingualism and a diversified economy, which presents significant investment opportunities in various sectors including agriculture and infrastructure.

Cameroon has been actively working to enhance its investment climate through its National Development Strategy for 2030, which aims to create a conducive environment for investments by offering various incentives, particularly in agriculture, renewable energy, and infrastructure. Despite facing challenges such as high debt, governance issues, and security risks, the country benefits from its bilingualism, diversified economy, and strategic location, which present significant investment opportunities. However, bureaucratic hurdles and a lack of transparency in regulatory processes continue to pose challenges for both domestic and foreign investors.