Regulatory Alerts2015-07-02
Uniform Law on Combating Money Laundering and Terrorist Financing in UMOA Member States
Issued by the UMOA Commission via Decision No. 26 of July 2, 2015, this Uniform Law Project establishes a harmonized regulatory framework for combating money laundering, terrorist financing, and proliferation financing across all UMOA member states. It defines comprehensive terminology and designates specific financial institutions, non-financial businesses and professions (DNFBPs), and politically exposed persons as obligated entities subject to supervisory oversight. The law mandates standardized procedures for freezing assets, confiscating proceeds, verifying beneficial ownership, and regulating cross-border money transfers to ensure consistent enforcement and compliance throughout the monetary union.
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