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TABLE OF CONTENTS
Table of Contents... 1 Acronyms... 2 Statement by the Minister of Finance... 6 Executive Summary... 8 Introduction... 11 Methodology and Major Challenges... 13 Overall ML/TF Risk Assessment... 17 Chapter 1: Analysis of National ML Threat... 21 Chapter 2: Analysis of National ML Vulnerability... 37 Chapter 3: Analysis of National Banking Sector Vulnerability to ML... 61 Chapter 4: Analysis of National Financial Sector Vulnerability to ML... 93 Chapter 5: Analysis of Vulnerability of the Insurance Sector to ML... 120 Chapter 6: Analysis of Vulnerability of other Financial Institutions to ML... 138 Chapter 7: Analysis of the DNFBP Vulnerability to ML... 176 Chapter 8: Threats of the National Vulnerability of Terrorist Financing... 223 Chapter 9: ML/TF Risks Inherent in Financial Inclusion Products... 233 Priority Measures... 249 Disclaimer... 254
ACRONYMS
| AF: | Asset Forfeiture |
|---|---|
| AML/CFT: | Anti-money laundering and combating the financing of terrorism |
| AML: | Anti-money laundering |
| APCAR: | Professional Association of Insurance and Reinsurance Brokers |
| ASAC: | Cameroon Association of Insurance Companies |
| BEAC: | Bank of Central African States |
| BTA: | Fungible Treasury Bills |
| CAA: | Autonomous Sinking Fund |
| CAC: | CEMAC NAFI Conference |
| CDD: | Customer due diligence |
| CEMAC: | Central African Economic and Monetary Community |
| CFAF: | Franc of Financial Cooperation in Central Africa |
| CFT: | Combating the financing of terrorism |
| CIMA: | Inter-African Conference of Insurance Markets |
| COBAC: | Central African Banking Commission |
| CONAC: | National Anti-Corruption Commission |
| CONSUPE: | Supreme State Audit Office |
| COSUMAF: | Central African Financial Market Supervisory Commission |
| CPFSP: | Cellular Phone Financial Services Provider |
| DC: | Duties compromised |
| DE: | Duties evaded |
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| DGD: | Directorate General of Customs |
|---|---|
| DGI: | Directorate General of Taxation |
| DGRE: | Directorate General for External Research |
| DGSN: | General Delegation for National Security |
| DN/BEAC: | BEAC National Directorate |
| DNFBP: | Designated Non-Financial Businesses and Professions |
| DSX : | Douala Stock Exchange |
| ENAM: | National Advanced School of Administration and Magistracy |
| FATF: | Financial Action Task Force |
| FIBANE: | National Banking Database on Companies |
| FIU: | Financial Intelligence Unit |
| FMC: | Financial Markets Commission |
| FSRBs: | FATF-Style Regional Bodies |
| GABAC: | Central African Anti-Money Laundering Task Force |
| GTC: | General Tax Code |
| HPI: | Hire-Purchase Institution |
| ISP: | Investment service provider |
| JPO: | Judicial Police Officer |
| KYC: | Know Your Customer |
| MC: | Ministerial Committee |
| MFI: | Microfinance Institution |
| MINAT: | Ministry of Territorial Administration |