Broaden Monitoring Compass


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In a country like Cameroon where corruption, as seen through the eyes of critics, is an endemic problem in trade and governance and which greatly facilitates money laundering and other financial crimes as well as significantly retards broad-based socio-economic development, there is every reason to worry. More so because the effects of the financial crimes are so damaging that nothing can be guaranteed for the present and future generations were the situation to remain unrepentant. 


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The country might have gone places in the fight against the scourge looking at existing legal and administrative instruments likewise structures. But the threat from the ‘difficult-to-die’ activity calls for accrued vigilance from across the board. Analysts hold that the six member countries of CEMAC share a sub-regional central bank, (BEAC) and a common currency, the Central Africa (CFA) Franc with dysfunctions in cross-border cooperation between national agencies almost inevitable. Traffickers and money launderers may exploit this to wreak havoc.  No one is certainly oblivious of the fact that as the largest economy in the region, such regulatory weaknesses may at the domestic level, result in Cameroon being used as a channel to move funds from those countries to better investment destinations in and out of Africa.


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The need to block those outlets to save life and livelihood therefore becomes non-negotiable. Reporting on the ill like was the case yesterday January 19, 2021 during the National Risk Assessment on Money Laundering and Terrorism Financing is good. It at least raises public awareness on the dangers of the rather trending malpractice. But success in combating it passes through exploring all workable mechanisms and adapting them to local realities. Experts, for example, hold that trade-based money laundering is rampant and uses the banking system, microfinance institutions, and the informal financial sector to thrive. Those entrusted with the powers to curb the ill absolutely need to remain awake and be as innovative as possible in their strategies and manner of approach. A one-fit-all policy may be far from being efficient looking at the growing creativity of the criminals in the business.


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Everything and everyone must be factored in to keep the country safe from the dangers of the destroyer especially at a time when the national risk of money laundering and overall risk of terrorism financing are rated as “High.”  If there had been any laxity in the past, stakeholders may not need to be told that such would cost Cameroon a lot now. For, risks to the integrity of the country’s financial system include terrorism activities, illicit wildlife trafficking, and maritime piracy.  Continual agitation within the country coupled with growing instability in neighbouring countries are enough warning signals for Cameroon to tighten her money laundering monitoring knots; in fact, broaden the regulatory compass, to avert the worse. 


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