The Legal and Institutional Frameworks for Combatting Money Laundering in Cameroon (original) (raw)

Money laundering usually involves a series of multiple transactions used to mask the source of financial assets, so that these assets can be used without compromising criminals seeking to their use. Money laundering can happen through various intermediaries; bank transfers, both by wire and check, are the most common channels for illicit money transfers. Money Laundering has several devastating effects; it damages financial sector institutions that are critical for economic growth, promoting crime and corruption that slow economic growth, reducing efficiency in the real sector of the economy. Money laundering is a problem not only in the world’s major financial markets and sea centers but also in emerging markets. Cameroon has criminalized money-laundering in line with the United Nations Convention against Corruption which was signed on 10th October, 2003, and ratified by the President of the Republic on 6th February, 2006. Cameroon follows an all-crimes approach to money laundering...