Abstract: Money laundering usually involves a series of multiple transactions used to mask the source of financial assets, so that these assets can be used without compromising criminals seeking to their use. Money laundering can happen through various intermediaries; bank transfers, both by wire and check, are the most common channels for illicit money transfers. Money Laundering has several devastating effects; it damages financial sector institutions that are critical for economic growth, promoting crime and corruption that slow economic growth, reducing efficiency in the real sector of the economy. Money laundering is a problem not only in the world’s major financial markets and sea centers but also in emerging markets. Cameroon has criminalized money-laundering in line with the United Nations Convention against Corruption which was signed on 10th October, 2003, and ratified by the President of the Republic on 6th February, 2006. Cameroon follows an all-crimes approach to money-laundering whereby all offences under the laws and regulations of Cameroon constitute predicate offences. In order to effectively combat money laundering, institutions have equally being put in place to combat it.
Keywords: Legal and Institutional Frameworks, Combatting, Money Laundering.
Title: THE LEGAL AND INSTITUTIONAL FRAMEWORKS FOR COMBATTING MONEY LAUNDERING IN CAMEROON
Author: Ayuk Nkwa Pascal, Wase Sidonie Oyemi
International Journal of Social Science and Humanities Research
ISSN 2348-3156 (Print), ISSN 2348-3164 (online)
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