Mobile money, cryptocurrency … too

There are several causes that pose a threat to money laundering in Cameroon. First of all, there is the diversity of the economy which generates a multitude of financial flows, especially without restricting the flow of cash. There is also the use of the same economic and monetary space and the socio-economic situation of certain neighboring countries, combined with the porosity of the borders. Whether for these or many other reasons, certain sectors of the economy are exposed to high risk due to certain vulnerabilities. There are many others who are at risk. Money transfer companies, other specialized financial institutions, art dealers and non-profit organizations were rated as « medium high ». While the securities market, insurance industry, accountants and auditors, hire-purchase companies and cash-in-transit companies were classified as “medium” risk.

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For example, attention has been drawn to the currency exchange sector, where the risk of money laundering is increasing due to illegal exchanges on the streets and in other shopping malls with huge financial flows. There are also precious metals and gemstones traders who are overly illegally exploited, particularly by non-residents, of the mineral resources and generate significant cash flows in the sector. The car dealership sector is also a cause for concern.

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Mobile money, cryptocurrency … too
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