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Cameroon – Economy: Chinese businessmen have a fraudulent way of repatriating funds in and out of Cameroon.

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Written by Deckson N.

These exporters located in Cameroon use parallel circuits to get money out of the country.

Companies based in Cameroon do not always repatriate funds from their exports. On this question of remittances, Cameroonian traders are pointing an accusing finger at the Chinese settled in the country. According to them, the Chinese who are now thousands in Cameroon, use various maneuvers in order not to repatriate funds in Cameroon, says L’Economie newspaper of Thursday, August 25, 2016.

The Chinese are simultaneously importers and exporters. And so, they work with local partners. When they buy merchandise in Cameroon and they sell them in China, they deposit their funds in their accounts based in a Chinese bank. And since they are also importers, they ask their bank to transfer the funds in the account of their Chinese suppliers to pay their bills directly from China, “says a trader.

In fact, using these schemes, the Chinese avoids dealing with banks where vouchers are requested for their transaction. Moreover, they do not do business with local banks. “They prefer to either work with foreign partners or send money by transfer agencies. Or, use cards. They prefer these networks, not yet tested in Cameroon, “says a banker.

These non-formal maneuvers involve money laundering. “For there is no traceability of funds exiting or entering the country,” said Clovis Fogang, a financial expert. To resolve this issue and allow the export earnings help the economic development of Cameroon, experts propose to strengthen the regulation in this area and make room on controls in these Chinese companies, the paper concludes.

About the author

Deckson N.

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