Regulatory Alerts2022-03-25
Regulation No. 02/CEMAC/UMAC/CM on the Unseizability of Foreign Currency Accounts of Extractive Companies in CEMAC
The CEMAC Ministerial Committee has issued Regulation No. 02/CEMAC/UMAC/CM to exempt the foreign currency accounts of resident extractive companies from legal seizure, thereby safeguarding repatriated assets that strengthen the common currency's reserves. This protection explicitly excludes transporters and subcontractors, permits companies to formally waive the exemption, and mandates that BEAC prioritize automatic debits against CFAF accounts. Credit institutions, COBAC, and national authorities are jointly responsible for enforcing these provisions to ensure external currency stability.
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