SUSPICIOUS TRANSACTION REPORTING – ANTI MONEY LAUNDERING AND FINANCING TERRORISM IN CAMEROON AND CEMAC
Regarding the Obligation to Report Suspicious Transactions
Persons referred to in Articles 6 and 7 are required to report to the ANIF (National Financial Intelligence Unit), under the conditions set forth in these Regulations and according to a reporting form established by order of the Minister of Finance upon proposal by the ANIF, any sums recorded in their books or any transactions involving sums which they know, suspect, or have good reason to suspect are the proceeds of criminal activity or are related to money laundering or the financing of terrorism and proliferation.
Notwithstanding the first paragraph above, persons referred to in Articles 6 and 7 of the regulations shall report to the ANIF any sums, transactions, or attempted transactions which they know, suspect, or have good reason to suspect originate from customs or tax fraud when at least one criterion defined by applicable regulations is present. Following the enhanced review prescribed in paragraph 2 of Article 57, the persons referred to in Articles 6 and 7 of the regulation shall, where applicable, submit the declaration provided for in paragraph 1 of this Article.
The persons referred to in Articles 6 and 7 of the regulation are also required to report to the ANIF any transaction for which the identity of the originator or beneficial owner, or of the settlor of a trust fund or any other instrument for managing dedicated assets, remains uncertain despite the due diligence carried out in accordance with the provisions of Chapter III of Title II of this Regulation.
Any information that may refute, confirm, or modify the information contained in the suspicious transaction report shall be communicated to the ANIF without delay.
Upon a proposal from the ANIF (National Financial Intelligence Unit), a decree from the Minister of Finance may extend the reporting obligation referred to in the first paragraph of this article to transactions carried out for own account or on behalf of third parties by financial institutions with natural or legal persons, including their subsidiaries or establishments, domiciled, registered, or established in all States or territories whose legislative deficiencies or practices hinder the fight against money laundering and terrorist financing. This decree sets out the procedures and the minimum amount of transactions subject to reporting.
Financial institutions shall report to the ANIF the information relating to fund transfer transactions carried out using cash deposits or electronic money. A decree from the Minister of Finance shall specify the threshold above which a declaration to the ANIF is required, as well as the conditions and procedures for said declaration. The persons referred to in Articles 6 and 7 of the regulation shall refrain from carrying out any transaction which they suspect is related to money laundering or the financing of terrorism and proliferation until they have filed a suspicious transaction report. They may then proceed with the transaction only if the conditions set out in paragraph 4 of Article 74 are met.
When a transaction which is subject to a suspicious transaction report has already been carried out, either because it was impossible to postpone its execution, or because its postponement could have hindered investigations into a transaction suspected of money laundering or the financing of terrorism and proliferation, or because it became apparent after its completion that it was subject to such a report, the obligated person shall inform the ANIF without delay.
Disclosure of Identity
Financial institutions shall disclose to the ANIF and their supervisory authority the identity of their managers or agents responsible for responding to requests from this service and this authority and for ensuring the dissemination to the relevant staff members of the general information, opinions, or recommendations emanating from them.
Other obligated persons shall make the same designation to the ANIF in the separate document mentioned in paragraph 2 of Article 69 of the regulations, accompanying the first suspicious transaction report referred to in Article 83.
Any change concerning the persons thus designated, who are referred to as correspondents, must be brought to the attention of the ANIF and their supervisory authority without delay.
Obligated persons shall ensure that the functions of correspondents are carried out with the necessary continuity to be able to respond, within the prescribed time limits, to requests from the ANIF.
Persons other than those referred to in Articles 6 and 7 of the regulations are required to report to the Public Prosecutor any transactions of which they become aware that involve sums they know may originate from a crime or offense, or be part of a money laundering or terrorist financing scheme. The Public Prosecutor informs the ANIF (National Financial Intelligence Unit), which provides all relevant information.
These reporting persons are bound to maintain the confidentiality of their reports.
Specific Obligations of Members of Independent Legal Professions
Auditors, chartered accountants, notaries, bailiffs, judicial administrators, court-appointed agents, lawyers (when acting as trustees), and judicial auctioneers are individually responsible, regardless of their professional practice, for responding to any request from the ANIF and for receiving acknowledgments of receipt of suspicious activity reports filed by the agency, in accordance with the provisions of Article 72 of the regulations.