logoBC
Yaoundé - 28 November 2022 -
Finance

Cameroon: Clandestine money exchangers ordered to regularize their situation or face the wrath of the law

Cameroon: Clandestine money exchangers ordered to regularize their situation or face the wrath of the law
  • Comments   -   Wednesday, 19 May 2021 11:39

(Business in Cameroon) - Clandestine money exchangers must get licensed or face the wrath of the law, Finance Minister Louis Paul Motaze (photo) says. In a release issued last May 12, the official ordered the concerned parties to stop the illegal activity and contact the Ministry of Finance to get licensed or become agents of authorized exchange offices. Failing to do that, they will “face legal proceedings,” he indicates in his release. 

According to the provisions of the law  Cemac N°02/l 8/Cemac/UMAC/CM of December 21, 2018, regulating exchange operations, people who offer clandestine money exchange services may incur custodial sentences, a XAF5 million fine, and the immediate remittance of the foreign currencies. 

As national monetary authority, the official reminds that the only legal tender in Cameroon is the Central African CFA Francs (XAF), in accordance with article 6 of the Central African Monetary Union provisions. Therefore, he indicates, other currencies held by economic agents (foreigners and travelers notably) must be exchanged against the legal tenders, obtained from licensed exchangers,  before commercial transactions. 

So, to capitalize on those requirements, some unauthorized parties settle in public spaces to offer money exchange services to individuals (in big cities notably), despite the numerous information campaigns.  Meanwhile, as Minister Louis Paul Motaze explains, clandestine money exchange services are harmful to licensed institutions and also to the country’s business climate and its image. Also, users of those services are running the risk of receiving fake currencies, therefore indirectly participating in money laundering and terrorism financing schemes.  Hence the public authorities’ actions to end the black market. 

Sylvain Andzongo

cameroonian-customs-seize-600-counterfeit-jerseys-made-in-china
Cameroonian customs seized a total of 600 counterfeit jerseys of the Indomitable Lions. The seizure was made during the control of the stores of the...
cameroon-2023-state-budget-expected-to-be-cfa6-345-1bn-up-4-4
The Cameroonian government proposed a state budget of CFA6,345.1 billion for next year. Pending validation by MPs, the 2023 budget is expected to be 4.4%,...
mufid-union-lays-plans-to-become-an-agricultural-financing-leader
During its ordinary general assembly meeting on October 29, 2022, MUFID Union, the association of Cameroonian financial mutuals, reviewed the actions to...
cameroon-finance-minister-says-collection-of-ad-fees-from-companies-is-illegal
The Cameroonian Finance Minister (Minfi), Louis Paul Motaze (pictured), said in a recent note that the collection of ad fees from companies by...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »