The government has stepped up efforts to remove Cameroon from the grey list of the Financial Action Task Force (FATF), with the Minister Delegate to the Minister of Finance, Yaouba Abdoulaye, calling for urgent action. He was presiding over a session of the national coordination committee in charge of combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. The meeting comes as Cameroon prepares to submit its seventh progress report to the FATF since its placement under enhanced monitoring in 2023. Authorities aim to secure the country’s removal from the list before the end of the year to ease persistent constraints on international financial transactions.
According to reports, Cameroon was expected to exit the grey list by 2025 under a 24-point action plan agreed with the FATF. To date, 11 of those recommended actions have been completed, leaving 13 outstanding. According to officials, the remaining obstacles include the absence of risk-based supervision of designated non-financial businesses and professions, lack of sanctions against financial sector entities failing to meet anti-money laundering and counter-terrorism financing obligations, and the non-operational status of the national targeted financial sanctions framework. Authorities also cited the absence of an effective supervision and sanctions regime for non-profit organisations. These shortcomings have continued to delay compliance with international standards.
In his address, Yaouba Abdoulaye, representing the Minister of Finance, Louis Paul Motaze, urged stakeholders to accelerate implementation. “It is more than ever time to resolutely get to work,” he said, calling on the National Agency for Financial Investigation (ANIF) to strengthen its leadership, coordination and support for reporting entities. He stressed the need to address supervision of non-financial businesses and non-profit organisations, describing it as a weak link and a major concern.
On his part, the Director of ANIF, Hubert Nde Sambone, stated that the remaining measures focus largely on supervising non-financial actors. He said legal texts have been adopted, stakeholders are undergoing training, supervisory tools are being finalised and inspections will begin shortly. He added that authorities expect significant progress after the next report is submitted to the FATF this year.
Officials acknowledge the economic urgency of exiting the grey list. Since 2023, Cameroon has faced difficulties in conducting certain cross-border financial transactions, affecting dealings with foreign partners. The ANIF Director also recalled that Cameroon is on the blacklist of the European Community, compounding external financial constraints. Authorities state that completing the remaining reforms and strengthening enforcement mechanisms are central to restoring confidence in the country’s financial system and facilitating smoother international trade and capital flows.
Mercy Fosoh
