On October 30, President Paul Biya signed a decree establishing and laying the operational structure of the Coordination Committee on National Policies against Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction. According to the presidential decree, the committee will “assist the Government, economic, social, financial, non-financial and monetary actors, as well as the population in combating money laundering, terrorist financing and the proliferation of weapons of mass destruction, and sensitizing them on the need for such action.”
It will particularly support the National Financial Investigation Agency in coordinating and monitoring self-assessment and evaluation exercises. This agency is already involved in missions to combat money laundering and terrorism financing. Among other tasks, the new committee will ensure better coordination between the government services involved in the missions entrusted to it, as well as “foster the strengthening of requisite facilities for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction.”
Under the oversight of the Minister of Finance, this committee consists of representatives from various public administrations engaged in combating money laundering, as well as individuals from security, defense, intelligence services, and financial institutions. With its establishment, Cameroon is reinforcing its institutional measures against money laundering and the financing of terrorism. Since 2017, the country has been grappling with terrorist operations by separatist militias in the North-West and South-West regions. These armed groups receive substantial financial backing from individuals located outside the country. In response, Yaoundé is fighting to stop the violence in these regions.