Parliament: Government Seeks to Enforce Banking Secrecy

Finance Minister says Bank transaction secrecy will create more confidence in customers in order for them to run their money through banks in Cameroon.

Louis Paul Motaze was speaking shortly after defending two finance related bills in front of the committee of Finance and Budget of the National Assembly this Tuesday March 22, 2022.

The minister for close to four hours defended the bill to amend and supplement the Finance law of Cameroon for 2021 financial year and the bill Governing Banking Secrecy in Cameroon.

The finance minister said following the global crisis, the head of state examined and ordered that the 2021 finance law be reviewed.

Mr. Motaze said the second bill he defended governing banking secrecy was equally a very important bill as it sets precedence for trust for people to put their money in banks.

He insists that although bank records will be well protected, in doesn’t impede the government to open bank records under well prescribed guidelines when it comes to criminal investigations.

Louis Paul Motaze said this bill comes to ameliorate existing financial laws especially with the coming of new forms of financial transactions such as crypto currency and mobile money.

This bill, governing banking secrecy which comprises 4 parts and 30 sections, presents the inclusion of microfinance institutions and other payment service providers among reporting entities,

– extension of the entities and public authorities against which banking secrecy may not be invoked,

  • extension of the limit of the pecuniary penalty incurred by whoever breaches banking secrecy, to take into account inflation and
  • to highlight the dissuasive nature of the law within public opinion.

Bruno Ndonwie Funwie

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