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Innovations in the 2024 Finance Law of Cameroon
The recently enacted Law N° 2023/019, dated December 19, 2023, marks a significant turning point in the financial landscape of Cameroon. As the cornerstone of the 2024 fiscal year, this Finance Law, promulgated by the President of the Republic, brings about critical modifications to the General Tax Code, reflecting the nation’s evolving economic priorities and strategies. This article delves into these changes, offering a detailed exploration of their implications for […]
Fintech – Simplified procedure to recover erroneously transferred funds through payment service providers
In an ongoing commitment to safeguard consumers of payment services, foster trust in the use of payment accounts, and facilitate real-time instant transfers, the Central Bank of CEMAC Member States (Cameroon, Chad, Equatorial Guinea, Gabon, the Central African Republic, and the Republic of the Congo), has recently issued a Circular Letter outlining the process of reclaiming funds erroneously transferred through Payment Service Providers (PSP) in the CEMAC zone. This Circular […]
Corporate Compliance: A Comprehensive Guide to Ultimate Beneficial Owner Compliance in Cameroon
In a decisive stride towards enhancing transparency and accountability, the 2023 Finance Law of Cameroon introduced a comprehensive framework imposing clear obligations on the beneficial owners of legal entities operating within the country, regardless of their corporate or personal income tax status. This framework encompasses three key aspects: 1. Identification of Ultimate Beneficial Owners Representatives of legal entities are responsible for identifying and verifying the identities of their beneficial owners. […]
Tracker of Virtual Assets Regulation Within The CEMAC Zone
The recently published report on payment services by the Central Bank of CEMAC Member States demonstrates the awareness of the Central Bank of the growing appeal of cryptocurrencies among the population. However, it is impossible at the moment to reliably quantify this phenomenon. The report clearly states that Crypto-assets are freely sold or exchanged among citizens of CEMAC, facilitated by the promotion efforts of cryptocurrency trading platforms through advertising posters […]
Illuminating the Legal Landscape: The Law 2.0 Conference – Las Vegas
From July 10th to 12th, 2023, Epanty MBANDA, our Managing Partner, actively participated in the Law 2.0 conference held in Las Vegas, USA. The Law 2.0 Conference is one of the biggest in-person events that attracts and brings luminaries of the legal world on a global stage. Epanty MBANDA offered a presentation on that topic: “The Place of the Internet in the Development of Africa – The Case of Cameroon”. The […]
LNI Business Meetings in Barcelona – Spain
Epanty MBANDA, Managing Partner of 4M Legal & Tax, a leading Cameroonian law firm renowned for its expertise in corporate, commercial, and tax matters, actively participated in the Legal Network International (LNI) business meeting held in Barcelona, Spain, from October 19th to 22nd, 2023. This prestigious event, hosted by Toda & Nel-lo, a distinguished independent law firm in Barcelona since 1992, provided a crucial platform for Epanty MBANDA to showcase […]
ILN Business Meetings in Prague – Czech Republic
From October 5th to 8th, 2023, Epanty MBANDA, our Managing Partner, actively participated in the International Lawyers Network (ILN) conference held in Prague, Czech Republic. Hosted by PETERKA & PARTNERS, a prominent full-service law firm in Central and Eastern Europe, the event served as a valuable platform for showcasing our firm’s capabilities. Epanty MBANDA presented insights into our firm’s activities and seized the opportunity to discuss business prospects in Africa, […]
Mobile Money: A Robust Catalyst for Financial Inclusion in CEMAC
The recently released 2022 report on payment services by the CEMAC Central Bank highlights the pivotal role of mobile money in driving financial inclusion, digitizing payments, and developing African economies. Mobile money accounts for an impressive 98% of all opened payment accounts in the CEMAC zone, demonstrating its dominant position in the financial landscape. During the referenced period, a staggering 2.4 billion mobile money transactions were processed, amounting to a […]
Tax Law | Treaty to Eliminate Double Taxation on Income: Cameroon – China
Cameroon and China signed a groundbreaking tax treaty on October 17, 2023, in Beijing, to deepen economic ties. Signed by Cameroon’s Finance Minister on behalf of President Paul BIYA, the treaty aims to eliminate double taxation on income, creating a more predictable tax environment for businesses and individuals. It also seeks to crack down on tax fraud and evasion, protecting the integrity of financial transactions between the two countries. This […]
Online Protection of Children: Cameroon’s New Law Ensures Safe Internet Usage
With the rapid penetration of the internet in Cameroon, coupled with ease of its access by every segment of the population, it became paramount to consider the safety of children as they navigate the internet space. With this concern in mind, the Cameroonian legislators voted for, and the President of the Republic enacted Law no 2023/009 on July 25, 2023, creating a legal framework to protect its most vulnerable population […]
FINTECH | Fintech Regulation in the CEMAC Zone
The Central African Economic and Monetary Community ( the “CEMAC Zone”) has witnessed a remarkable surge in electronic money transactions in recent years, with 572,362,635 transactions valued at XAF 8,296,166,023,386 (over US $14 billion) recorded in the 12 months leading up to December 2018. This unprecedented growth, which surpasses any other statistics in sub-Saharan Africa, highlights the significant role of technology in bridging the financial inclusion gap in Central Africa. […]
Accelerating Cameroon’s Digital Transformation: A Series of Draft Bills and other texts for Public Consultation
With the support of a $100 million World Bank-financed program, the government of Cameroon aims to drive reforms and policies in the Information and Communication Technologies (ICT) sector through the program for accelerating digital transformation in Cameroon (“Program”). This ambitious endeavor, approved by the World Bank on September 28, 2021, sets the stage for a paradigm shift toward a digital future. It is therefore within the framework of the above […]
Trade Names Registration In Cameroon
In a rapidly evolving business landscape, establishing a unique and recognizable brand identity is vital for entrepreneurs in Cameroon. One crucial step towards achieving this is the registration of trade names. As a mandatory gateway to company incorporation, trade name registration offers a range of benefits and legal protections. Below we explore the importance of trade name registration in Cameroon, the process involved, and the rights and duration conferred upon […]
New Law on Bank Secrecy in Cameroon – Enhancing Personal Data Protection
Introduction In Cameroon, the enactment of Law no 2022/006 on bank secrecy marks a significant step towards adapting to the evolving landscape of the financial services sector. This legislation aims to address emerging challenges posed by the entry of new technology actors, such as payment service providers (FINTECH), while ensuring the protection of personal data belonging to clients of reporting entities. I. Clarification of Existing and Introduction of New Concepts: […]
FINTECH and Cryptoassets: A Comprehensive Guide to the New CEMAC Zone Regulation on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)
Introduction In exciting news for cryptocurrency platforms operating within Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo, the Financial Markets regulator of CEMAC, known as “COSUMAF,” has recently unveiled a groundbreaking regulation on Financial Markets. This comprehensive regulation includes specific provisions related to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs). Let’s delve into the key aspects of this new regulation, which promises […]
Regulation of Cryptocurrency in the CEMAC Region: Key Updates and Implications
In May 2022, the financial regulator of Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon, and Congo Brazzaville issued a significant prohibition affecting reporting entities, including Banks, Microfinance Institutions, and Payment Service Providers. This prohibition disallows these entities from facilitating cryptocurrency transactions. The decision comes in the wake of the Central African Republic’s adoption of a cryptocurrency law. The primary driver behind this decision is imperative to safeguard financial […]
Protecting Non-Fungible Tokens (NFTs) with Intellectual Property Rights in the OAPI Region
Introduction In this blog post, we will explore the exciting realm of intellectual property rights in relation to Non-Fungible Tokens (NFTs). As of January 1, 2023, the World Intellectual Property Organization has implemented changes in the Nice Classification, specifically under Class 9, to provide protection for NFTs and related crypto assets. This development brings significant implications for creators, artists, and innovators within the OAPI region. Let’s delve into the details. […]
Investment Opportunities in Cameroon for 2024: A Comprehensive Guide
As we embark on a new year, it’s essential to explore the investment landscape in Cameroon. In his annual address, the President of the Republic of Cameroon highlighted the priority sectors for investment in the upcoming year. This blog post aims to provide valuable insights into the investment opportunities in Cameroon for 2024, focusing on natural resources and infrastructure projects. Investment Opportunities in Cameroon Cameroon: A Promising Landscape for Investors […]
Understanding Tax Obligations for Foreign Business Activities in Cameroon
In order to foster international business relations and prevent tax evasion, Cameroon has entered into various tax treaties since the 1970s. These agreements aim to eliminate double taxation and establish mutual assistance rules. As of December 31st, 2022, Cameroon has ten active tax treaties, including bilateral agreements with countries such as France, Canada, Tunisia, Switzerland, South Africa, Germany, and Morocco. Additionally, there are multilateral conventions addressing income taxation between CEMAC […]
Regulating Virtual Asset Services in the CEMAC Zone: A Game-Changer for Crypto Platforms
On December 14, 2022, the Financial Market Regulator of the CEMAC Zone (Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon),
