Regulatory Alerts2016-03-01
Ministerial Order of the Minister of Finance dated 1 March 2016
The Tunisian Minister of Finance issued a series of ministerial orders on 1 March 2016 to amend governmental decrees, appoint a deputy director for the National Tobacco and Matches Agency, and establish specific monetary thresholds under Law No. 2015-26 for anti-terrorism and anti-money-laundering compliance. The orders exempt legal entities with revenues or reserves under 30,000 dinars from certain obligations, mandate vigilance measures for precious metals merchants and casino executives on transactions of 15,000 and 3,000 dinars respectively, and require customs declarations for foreign currency imports or exports exceeding 10,000 dinars. Additionally, the Ministerial Order amends accounting rules for insurance and reinsurance by updating collective investment scheme limits to 10 percent of technical provisions, introducing a new article for Takaful insurance that mandates at least 20 percent of technical provisions be held in State-guaranteed Sukuk.