Regulatory Alerts2019-03-15
Regulation No. 02/18/CEMAC/UMAC/CM on Foreign Exchange Regulation in the CEMAC
The CEMAC Ministerial Committee, acting on the BEAC Governor's proposal, has adopted Regulation No. 02/18/CEMAC/UMAC/CM to establish a comprehensive foreign exchange framework for member states. The regulation defines key terms, delineates the administrative roles of the BEAC, COBAC, and relevant ministries, and mandates compliance with anti-money laundering and counter-terrorist financing rules for all cross-border current and capital transactions. It guarantees the free movement of foreign currencies, sets a fixed parity with the Euro, standardizes manual exchange fees, and establishes clear controls, sanctions, and reporting obligations for residents, non-residents, and approved intermediaries.
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