REPUBLIC OF CAMEROON Pays-Travail-Patrie MINISTERE DES FINANCES SECRETARIAT GENERAL DIRECTION GENERALE DU TRESOR, DE LA COOPERATION FINANCIERE ET MONETAIRE DIRECTION DE LA COOPERATION FINANCIERE ET MONETAIRE DOX-DIRECTION DES CHANGES ET DES TRANSFERTS MINFUSG/DGTCFM/DCFM/SDCT
REPUBLIC OF CAMEROON Peace-Work-Fatherland MINISTRY OF FINANCE SECRETARIAT GENERAL DIRECTORATE GENERAL OF TREASURY, FINANCIAL AND MONETARY COOPERATION DIRECTORATE OF FINANCIAL AND MONETARY COOPERATION SUB-DIRECTORATE OF EXCHANGE AND TRANSFERS Yaoundé, the 12 MAI 2021
# PRESS RELEASE
The Minister of Finance, Monetary Authority, informs the National community that, despite the awareness campaigns carried out among individuals involved in illegal foreign currencies exchange, they continue to invade public spaces, particularly in large metropolitan areas, offering currency exchange services to users.
In his capacity as National Monetary Authority, he specifies that the only legal currency in Cameroon in accordance with article 6 of the Convention governing the Monetary Union of Central Africa is the CFAF. As such, foreign currencies held by economic agents, notably the non-residents and travelers, must be exchanged for the CFAF, with approved intermediaries before any commercial transaction.
Clandestine currencies exchange does not only affect accredited institutions, but also the business climate and the image of our country. In addition, users who obtain supplies from the black market expose themselves to the risk of receiving counterfeit currencies, thereby implicitly participating in money laundering and terrorist financing activities.
The Minister reminds that the exercise of the activity of manual currencies exchange without authorization, is formally prohibited and constitutes an offense punishable by custodial sentences and a fine of 5 million CFAF, together with the immediate transfer of foreign currencies, in accordance with the provisions of the Convention on the Harmonization of Banking Regulations and CEMAC Regulation No 02 / 18 / CEMAC / UMAC / CM of 21 December 2018 on foreign exchange transactions.
Consequently, he has requested those involved with this clandestine foreign currencies exchange to immediately cease this illegal activity and, to contact the competent services of the Ministry of Finance, to apply either for an authorization or to acquire the status of agent mandated with the accredited exchange institutions, if not they would face legal proceedings.
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