Cameroon is accelerating efforts to be removed from the Financial Action Task Force (FATF) grey list, a status signifying heightened international scrutiny over weaknesses in anti-money laundering (AML) and counter-terrorist financing (CTF) controls, amid concerns that the designation is complicating cross-border financial flows and investor confidence.

First placed under increased monitoring by the FATF in June 2023, Cameroon has committed to implementing a comprehensive action plan developed with the FATF and the Action Group against Money Laundering in Central Africa (GABAC). This roadmap targets strategic deficiencies across the national AML/CFT framework, including

  • improving supervision of financial institutions,

  • enhancing information sharing, strengthening criminal asset seizure procedures, and

  • boosting the capacity to investigate and prosecute illicit financial activity.

Demonstrated identification, investigation, and prosecution of serious financial crimes with enforced penalties such as confiscation of illicit proceeds is also requirement for getting off the grey list.

The recent arrests from cybercrime and confiscation of proceeds by INTERPOL, which included Cameroon, is likely related to these FATF requirements.

REGULATION | INTERPOL Snubs Over 1,000 Cyber-Criminals Across 19 African Countries – Stolen Funds Funneled into Digital Asset Institutions

Officials have repeatedly stressed that being on the grey list does not equate to sanctions, but it does carry reputational risks.

Grey listing typically prompts greater due diligence by global banks and can tighten correspondent banking relationships, making international transactions more costly or slower and potentially deterring foreign investment.

To meet FATF expectations and secure removal, Cameroon has been stepping up reforms across public institutions. Government agencies continue to work on expanding risk-based supervision, improving access to beneficial ownership data, and demonstrating measurable progress in AML/CFT enforcement.

According to a FATF report cited in media reports:

  • By late October 2025, Cameroon had completed only about 8 out of 24 agreed action points, a fulfilment rate of less than 40%.

  • Authorities have submitted a 5th follow-up report on the action plan, which is often required to show progress.

  • Government officials have set a goal of exiting the grey list by the end of 2026.

The broader African context underscores why an exit matters: in October 2025, countries such as South Africa and Nigeria succeeded in completing their FATF action plans and were removed from the list, a move seen as strengthening investor confidence and lowering compliance costs for institutions operating there.

While South Africa, Nigeria, and Kenya have had to pass and implement a crypto regulatory regime to get off the grey list, Cameroon does not currently have specific laws or regulations that govern this class of assets. However, within the CEMAC (Central African Economic and Monetary Community) region, which includes Cameroon, the Central African Banking Commission (COBAC) and the Bank of Central African States (BEAC) have prohibited banks and formal financial institutions from engaging in or facilitating cryptocurrency transactions. This stops formal financial integration of crypto services.

In 2023, the Cameroon Ministry of Finance blamed a lack of clear and definitive guidance on digital tokens and assets from the Central African Financial Market Supervisory Commission (COSUMAF) for creating an uncertain regulatory environment resulting in the rampant presence of ponzi schemes within the Cameroonian crypto space.

FRANCOPHONE AFRICA | Cameroon Ministry of Finance Calls for Crypto Regulations to Protect ~900K Crypto Users from Rampant Ponzi Schemes

The ministry recommended:

  • A need for clarifying contract terms and the establishment of regulatory measures aimed at safeguarding investors and ensuring financial stability

  • The identification and closure of ponzi schemes

  • The formalization of regulations, and

  • Increase in public awareness regarding the risks associated with cryptocurrencies

CAMEROON has approximately 900,000 cryptocurrency users to date – 6.76% of the active population. #FrancophoneAfrica #CryptoinAfrica pic.twitter.com/xP5dkwqXlF

— BitKE (@BitcoinKE) September 21, 2023

Cameroon says it remains fully committed to addressing all outstanding FATF requirements and hopes that sustained implementation, backed by documented results, will secure a return to normalised international financial engagement and ease the pressure on cross-border trade and finance.

3 Francophone African Countries Planning to Enable Crypto Payments via Telegram ($TON)

 

 

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