Regulatory Alerts2024-01-31
UMOA Council of Ministers Decision No. 021 Setting Threshold Amounts for Implementing the Uniform Anti-Money Laundering and Counter-Terrorist Financing Law
The UMOA Council of Ministers issued Decision No. 021 on 21 December 2023 to establish specific monetary thresholds for implementing the region's Uniform Law on anti-money laundering, counter-terrorist financing and proliferation of weapons of mass destruction. The Decision mandates that designated non-financial businesses and professions, financial institutions, casinos, trust service providers, and non-profit organizations conduct enhanced identification, monitoring, or reporting when cash transactions or related operations meet newly defined CFA franc limits ranging from one million to fifty million. By replacing prior provisions, it standardizes compliance obligations across member states, ensuring consistent application of customer due diligence and transaction reporting to the National Financial Intelligence Unit (CENTIF).