Yaoundé says CFA1.7 trillion in suspicious financial flows in Cameroon in 2023 0

Last year, CFA1,665.4 billion was recorded as suspicious financial flows in Cameroon. This figure represents an increase of 180% compared to the previous year, according to a report by the Anti-Graft Commission (Conac), which cited statistics from the National Financial Investigation Agency (ANIF). The result comes from analyzing 965 Suspicious Activity Reports (SARs) submitted to ANIF by banks, microfinance institutions, mobile money operators, money transfer companies, lawyers, notaries, and other public agencies.

The document found that “various fraud cases” were the most common, nearly tripling between 2022 and 2023. These cases represented over half (50.6%) of the reports made in 2023. The detected activities included tax fraud (60% of cases), customs fraud (40%), land transaction fraud (7%), and credit card fraud (5%). Common methods involved the illegal transfer of funds abroad using misused credit cards, hiding business revenues in third-party bank accounts, and illegal business operations by some economic actors. In addition to the relevant courts, information about tax and customs fraud has been shared with the General Tax Directorate (DGI) and the General Directorate of Customs (DGD).

The report emphasized that after “various frauds,” cases related to terrorism financing rose by 38% compared to 2022. These cases ranked second in terms of reports and accounted for 31.54% of submissions in 2023, totaling 141 cases. This rise may be attributed to security concerns, including the presence of Boko Haram in northern Cameroon and the activities of separatist movements in the Northwest and Southwest regions. Identified funding mechanisms involved internet scams, using fake identities to receive funds from abroad, as well as transfers through mobile money and money transfer companies.

Also, while the number of cases related to public fund embezzlement rose by 140% between 2022 and 2023, Conac noted that these cases represent only 2.68% of the reports submitted by ANIF to the authorities. However, they accounted for 4.3% (over CFA71 billion) of the total suspicious financial flows recorded by ANIF this year, compared to 94.7% (approximately CFA1,577 billion) for “various frauds.” Activities linked to terrorism financing accounted for only 0.14% of the suspicious financial flows reported, totaling around CFA2.3 billion.

Source: Business in Cameroon