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 is a significant issue in Cameroon, where it is pervasive across various sectors, particularly in government procurement, the judiciary, and customs. Despite existing anti-corruption laws and the establishment of the National Anti-Corruption Commission, enforcement is weak, and many regulations are not effectively implemented, leading to a culture of bribery and nepotism. Although there have been some prosecutions for corruption, the overall lack of transparency and accountability continues to hinder business operations and public trust.

Cameroon is experiencing economic recovery amid global uncertainties, with the IMF projecting a 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, Cameroon faces challenges such as a high debt burden, governance weaknesses, and external shocks from events like the COVID-19 pandemic and the war in Ukraine, which have impacted food and fuel supplies.

Cameroon is actively working to create a conducive investment climate through its National Development Strategy for 2030, which includes expanding investment incentives particularly in agriculture, renewable energy, and infrastructure. Despite facing challenges such as high debt, governance issues, and external shocks, the country offers significant potential for foreign direct investment, especially in sectors like agriculture and telecommunications, while also promoting local hiring through various policies.