Combating money laundering, terrorism financing: MINAT boss engages NGOs to collaborate with gov’t.

The member of government was speaking in Yaounde Monday. This was during a workshop grouping stakeholders in the sector.

In his keynote address, Minister Atanga Nji emphasised on the importance of dialogue, while underscoring the necessity for NGOs to adopt stricter measures in the management of their finances. 

According to the minister, the fight against money laundering and terrorism financing have taken another level in the country.

He said evaluations works conducted by the National Risk Assessment and the Central African Anti-Money Laundering Group have identified significant vulnerabilities in the operations of NGOs across the country.

Calls for financial transparency

Minister Atanga Nji equally noted that both local and international regulations have underscored the need for greater transparency for nonprofit organisations. 

These regulations, he explained, are critical in preventing the misuse of financial channels by criminal organisations and terrorist groups. 

The country’s non-profit sector, which plays an integral role in humanitarian and developmental efforts, must ensure its operations remain above board. 

“Non-profit making organisations and NGOs operating in Cameroon must make significant efforts to improve the transparency of their financial management,” the minister insisted, warning that “money laundering and terrorism financing are real and tangible threats within our sub-region”.

Need for policy change to strengthen oversight

According to the minister, in a bid to address these risks, government has taken decisive actions, including the signing of Decree No.2023/464 by President Paul Biya on October 30, 2023. 

The decree, he said, established a national committee responsible for coordinating policies aimed at combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction. 

Headed by the Minister of Finance, the committee has the mandate to draft and execute policies that safeguard the country’s financial system from exploitation.

Minister Atanga Nji announced that the ministry had expanded its financial controls to include the prevention of money laundering and terrorism financing within these organisations.

“The governors of the various regions have been instructed to conduct thorough checks on the financial activities of these organisations,” the minister explained, stressing the importance of regional cooperation in these efforts.

Key obligations enforced

According to the member of government, as part of the government’s ongoing efforts to bring the sector in line with international best practices, several obligations must be fulfilled by the various organisations in the country.

These obligations, the minister stated, include transparency of operations. To the MINAT boss, organisations must be able to provide detailed information on the purpose of their activities, as well as the identity of individuals responsible for their management.

The minister equally stated that there is need for financial accountability. He said organisations are required to submit comprehensive financial reports that include a breakdown of income and expenditures, ensuring that all funds are appropriately accounted for.

According to the minister, organisations are expected to put in place mechanisms to combat illicit financing as well as have a record-keeping of their financial activities for a minimum of 10 years and make them available for inspection by government authorities.

He equally instructed that to submit annual reports of their financial and other activities to the Ministry of Territorial Administration.

Participants salute gathering

Representatives of NGOs and non-profit making organisations saluted the initiative of the MINAT boss to organise then sensitisation.

Nformi Eugene Tawe of Chemonics International who spoke to reporters, said: “…the minister made us to understand that we must investigate and identify the sources of our funding and make sure it is channelled to the right source”.

According to the High Commissioner for the Central African Region of the International Human Rights Commission, Nganjoh Mama, said: “My organisation is an inter-governmental organisation and the issue of terrorism financing and money laundering is actually forbidden. To me it is an important issue to know that this aspect should be respected”.

This article was first published in The Guardian Post Edition No:3267 of Tuesday October 22, 2024