Regulatory Alerts2025-02-05
UMOA Uniform Law on Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction
The West African Monetary Union (UMOA) has enacted this Uniform Law to establish a comprehensive legal framework for preventing and combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction across its member states. The legislation defines key regulatory terms, mandates strict due diligence, risk assessment, and reporting obligations for financial institutions and designated non-financial businesses and professions, and establishes national financial intelligence units and supervisory authorities. It further outlines mechanisms for national and international cooperation, prescribes targeted financial sanctions, and sets forth administrative, disciplinary, and criminal penalties for non-compliance.