Illicit Financial Flows and the Regulatory Framework for Mineral Exploitation: Arrangements in Cameroon
From the discussion in this paper, a number of issues have been brought to the limelight regarding good governance in the extractive sector in general and the mineral exploitation sector in particular. Firsly, that Africa in general and Cameroon in particular is caught up in the resources curse theory, the paradox of plenty, or what is more commonly known as the development paradox and one of the main results is IFFs out of the continent generally and from Cameroon particularly. Secondly, that this situation is compounded by huge challenges to the observance of the doctrines of sovereignty and the public trust in the management of natural resources in general and the extractives in particular. Thirdly, that governance benchmarks by way of disclosure and relevant governance indicators have not been adequately addressed in the regulatory frameworks for mineral resources exploitation arrangements in most African countries generally and Cameroon in particular and this is glaring in the gaps that exist in the regulatory framework. Fourth, that as a result of these, there is little check on IFFs out of the continent and in Cameroon particularly and consequent upon this is widespread poverty and attendant consequences on environmental resources. Lastly, there are however, international best practices which could be copied and contextualize for the sustainable exploitation of mineral resources in Cameroon.