Senate : Four Bills Validated

Some four bills relating to the finance and food security sectors in Cameroon have been adopted at the Senate with the President, Marcel Niat Njifenji chairing deliberations. 
In a bid to contain new risks of criminal activities in finance domain such as money laundering, cybercrime and terrorist financing, the Minister of Finance defended the bill governing banking secrecy in Cameroon, which has been adopted at the Senate. The bill reinforces obligations on financial entities to guarantee the confidentiality of the personal and financial data of their clients by refraining from disclosing such information to third parties. Comprising four parts and 30 sections, the bill amongst other things presents innovations such as 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, and the inclusion of microfinance institutions and other payment service providers among entities. 
The bill to authorise the President of the Republic to proceed with Cameroon’s Accession to the Agreement for the Establishment of the African Risk Capacity (ARC) Agency, adopted in South Africa was also validated by Senators. The ARC Agency is a specialised agency of the African Union which helps member States to better plan, prepare and respond to extreme weather events and natural disasters. Cameroon’s accession to the Agreement will enable the country to access the ARC Agency’s financial resources necessary for strengthening its system of prevention and protection of ecosystems vulnerable to weather events and natural ...