Cameroon Records CFA1.7 Trillion in Suspicious Financial Flows in 2023, a 180% Surge

Cameroon experienced a significant rise in suspicious financial transactions in 2023, with reported flows reaching CFA1.7 trillion, marking a staggering 180% increase compared to previous years. This alarming figure was revealed in a recent report by the National Financial Intelligence Agency (ANIF).

The report highlighted a surge in suspicious activities related to money laundering, terrorism financing, and other financial crimes. These illicit flows are said to pose a growing threat to the country’s financial stability and economic development.

Experts attribute this sharp rise to weaknesses in regulatory frameworks, increasing cybercrime, and a growing underground economy. As the volume of these financial flows continues to rise, ANIF is urging stronger collaboration between financial institutions, law enforcement, and the government to curb the illicit activities driving this increase.

Authorities are now intensifying efforts to strengthen anti-money laundering measures and financial monitoring systems to protect the country’s economy from further exploitation.