Regulatory Alerts2022-03-25
CEMAC/UMAC Regulation No. 02 on the Unseizability of Foreign Currency Accounts of Extractive Companies
The CEMAC Ministerial Committee issued Regulation No. 02 to exempt foreign currency accounts of extractive companies in CEMAC credit institutions from seizure, thereby reinforcing the region's foreign exchange reserves and currency stability. The regulation preserves automatic central bank debits—prioritizing CFA franc accounts—and permits resident extractive firms to formally waive the protection, while assigning compliance oversight to credit institutions, COBAC, BEAC, and national authorities. Subject to ministerial amendment, the regulation enters into force upon signature and will be published in the Community's Official Gazette.
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