Regulatory Alerts2002-09-19
UEMOA Directive 07/2002 on Combating Money Laundering in Member States
The West African Economic and Monetary Union (UEMOA) Council of Ministers issued Directive 07/2002 to harmonize anti-money laundering regulations across its member states. The directive mandates financial institutions and designated non-financial businesses to implement customer due diligence, maintain records, and report suspicious transactions to a centralized Financial Intelligence Unit. It establishes clear legal definitions of money laundering, outlines compliance obligations for reporting entities, and prescribes administrative and criminal penalties to ensure effective regional enforcement.
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