Decision No. 003 of March 28, 2024 Fixing Complementary Thresholds for Implementing the UMOA Uniform Anti-Money Laundering, Terrorist Financing and Proliferation Law

3A1.269

UNION MONÉTAIRE OUEST AFRICAINE

DECISION NO. 003 OF MARCH 28, 2024/CM/UMOA FIXING THE AMOUNTS OF COMPLEMENTARY THRESHOLDS FOR IMPLEMENTING THE UNIFORM LAW ON ANTI-MONEY LAUNDERING, TERRORIST FINANCING AND PROLIFERATION OF WEAPONS OF MASS DESTRUCTION IN THE MEMBER STATES OF UMOA

THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION,

Having regard to the Treaty of the West African Monetary Union (UMOA) of January 20, 2007, particularly Article 34;

Having regard to the Uniform Law on anti-money laundering, terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA, particularly Articles 17, 54 and 74;

Having regard to Decision No. 021 of December 21, 2023/CM/UMOA fixing the threshold amounts for implementing the Uniform Law on anti-money laundering, terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA;

Having regard to the Bank of Central African States (BCEAO) Note on the draft Decision fixing the complementary threshold amounts for implementing the Uniform Law on anti-money laundering, terrorist financing and proliferation of weapons of mass destruction, presented to the Council of Ministers in its ordinary session on March 28, 2024;

Having regard to the Deliberations of the Council of Ministers in its ordinary session on March 28, 2024,

DECIDES:

Article 1: Subject matter

This Decision fixes the threshold amounts provided for in Articles 17(h), 54 and 74 of the Uniform Law on anti-money laundering, terrorist financing and proliferation of weapons of mass destruction, hereinafter referred to as the Uniform Law.

It complements the thresholds set by Decision No. 021 of December 21, 2023/CM/UMOA fixing the threshold amounts for implementing the Uniform Law on anti-money laundering, terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA.

Article 2: Threshold applicable to transactions carried out by authorized money changers

For the application of Article 17(h) of the Uniform Law, and without prejudice to provisions provided by the regulation on external financial relations of the member states of the West African Economic and Monetary Union, authorized money changers must identify their clients, whether permanent or occasional, whether natural persons, legal entities or legal structures, and beneficial owners, and verify their identity by means of independent and reliable documents, sources, data or information when carrying out a transaction or linked transactions, where the amount involved exceeds five million (5,000,000) CFA francs.

Article 3: Threshold applicable to services offered by precious metals and stones dealers

For the application of Article 54 of the Uniform Law, precious metals and stones dealers implement customer due diligence obligations under Article 48 of the Uniform Law when they carry out a cash transaction with a client amounting to nine million (9,000,000) CFA francs or more.

Article 4: Threshold applicable to cash payments in real estate transactions

For the application of Article 74 of the Uniform Law, the sale price of a real estate property amounting to twenty million (20,000,000) CFA francs or more must be paid by bank transfer or cheque, whether the transaction is executed in a single payment or through apparently linked fractional operations.

The threshold referred to in this Article applies without prejudice to more stringent provisions that a UMOA member State may adopt.

Article 5: Final provisions

This Decision repeals and replaces all previous provisions dealing with the same subject matter.

It enters into force as of the date of its signature and is published where necessary.

Done at Dakar, on March 28, 2024

For the Council of Ministers of the West African Monetary Union,

The President

(Signature)

Adama COULIBALY Minister of Finance and Budget of the Republic of Côte d'Ivoire