Cameroon – Transfers of funds: Money laundering is fast growing in Cameroon.

Written by Deckson N.

A provision of the Finance Act stipulates that the costs of transferring money from Cameroon are taxed at 33.33%, which has led to the abolition of thousands of jobs and the closure of several enterprises.

Transfers of money from Cameroon were suspended some time ago. Only withdrawals can be made. For Chrétien Tabetsing, the CEO of Alliance Financial, this decision helps to reinforce the flight of capital illegally. This suspension of the transfer of money abroad from Cameroon, starts from the fact that in the law of Finances 2015, the State has taxed in its entirety the international transfers that leave from Cameroon.

What is problematic, according to the expert, is that all banks that sign an agreement with its partners retain a commission of between 20 and 25%, and the law of Finance 2015 says that on this same transaction, the Bank must Pay the State 33.33%. This is largely above what the bank collects from the user, in addition to what it pays at the end of the year in terms of taxes on profit.

Worse still, “the margin that the bank retains on the activity of the transfer of money is to share 50.50% with the agents and sub agents that we are,” confides the expert in Le Financier d’Afrique published 20 December 2016. According to him, it is not possible for the banks to help the State in its task of collecting resources.

At the level of the banks, actions were initiated by the heads of the banks which are in relation with the two biggest multinationals. Even the managers of the money transfer companies have made the trip. They came to explain their functioning to the Government, “adds Chrétien Tabetsing. He deplored the fact that the Government had been refractory.

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Deckson N.

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