Launch of the work of the 11th Annual Consultative Meeting between COBAC and CEMAC Banking Institutions

On Thursday 25th July, the debates continued on matters related to the economic crisis; net equity and the cybercriminal in CEMAC credit institutions, following a review of the macroeconomic situation in the subregion.

The Governor of the Bank of Central African States (BEAC), Mahamat Abbas Tolli, oversaw the seminar at the Hilton Hotel in Yamena, and in his opening speech he talked about strengthening the banking system in the subregion against money laundering and cybercrime, among other issues within the context of the global economy and CEMAC member States.

However, the BEAC Governor expressed concern regarding the increase in uncontrolled credit in the financial plan with respect to the established regulations.

During previous seminars related to the operation of electronic money, control mechanisms and disciplinary measures must be established for the sector, regarding the economic situation. Furthermore, COBAC also ensured control over to operation, and will continue with the implementation and application of its regulations, as confirmed by the BEAC Governor.

During the course of today’s topic on the regulation of controlled funds, taking into account the turbulence of recent years regarding the drop in the price of oil, the main source of income for countries in the subregion. The emergence of the use of cyberspace and the fight against cyber attacks in the CEMAC zone, the fight against money laundering and the fight against terrorism, constitute the bases in the CEMAC zone on exchange regulations. However, it is necessary to establish a new system of exchange regulations”, concluded Mahamat Abbas Tolli.

Source: Equatorial Guinea Press and Information Office

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