Regulatory Alerts2011-12-01
Regulation on the External Financial Relations of UEMOA Member States and Implementing Texts
The Council of Ministers of the West African Economic and Monetary Union (UEMOA), acting on the joint proposal of the BCEAO, has adopted a comprehensive regulation governing the external financial relations of member states by establishing uniform rules for currency cession, current and capital operations, and authorized intermediaries. The framework mandates that residents surrender foreign currency proceeds to approved banks or the central bank within strict deadlines, while permitting free cross-border investments, borrowing, and derivative transactions subject to prior authorization or statistical reporting. It further assigns compliance oversight to the BCEAO and national finance ministries, outlining clear sanctions for credit institutions and non-bank entities, alongside specific procedures for gold trade, securities issuance, and anti-money laundering compliance.