Cameroon Country Summary

FATF Status

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

Latest FATF Statement - 21 February 2025

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 has taken steps to improve its AML/CFT regime by aligning AML/CFT national strategies and policies with the findings of the NRA; demonstrating AML/CFT cooperation and coordination between competent authorities; improving risk-based prioritisation of incoming international cooperation, and establishing a regime for violations of transparency obligations applicable to legal persons. Cameroon should continue working on implementing its action plan to address its strategic deficiencies, including by: (1) 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; (2) maintaining and ensuring timely access by competent authorities to adequate and up to date beneficial ownership information on legal persons; (3) 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; (4) demonstrating that authorities are able to conduct a range of ML investigations, and prosecute ML in line with risks; (5) 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; (6) demonstrating that TF investigations and prosecutions are pursued in line with risk; and (7) 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 and regulations aimed at curbing it, with the country ranking 140 out of 180 in Transparency International's Corruption Perception Index in 2023. Although anti-corruption laws are theoretically applicable to all citizens and institutions, enforcement is inconsistent, and mechanisms like the Cameroon Online E-procurement System have faced technical issues and lack of compliance from civil servants. While the government has prosecuted some high-profile corruption cases, bribery remains common, particularly in government procurement and the mining sector, highlighting the challenges in effectively combating corruption.

Cameroon is experiencing an economic recovery, with the IMF projecting real GDP growth of 4.3 percent in 2024, driven by higher oil prices and increased non-oil production. Despite being the largest economy in the Central African Economic and Monetary Community, it faces challenges such as a high debt burden, governance weaknesses, and the residual impacts of external shocks like the COVID-19 pandemic and the war in Ukraine, which have contributed to inflation and economic fragility.

Cameroon is actively working to create a conducive investment climate through its National Development Strategy for 2030, which includes expanding investment incentives in sectors such as agriculture, renewable energy, and medical equipment. Despite facing challenges such as high debt, governance issues, and external shocks, the country offers significant investment potential due to its bilingualism, diversified economy, and strategic location in Central Africa. However, obstacles such as bureaucratic inefficiencies and political risks continue to hinder foreign direct investment.