Regulatory Alerts2024-07-31
BCEAO Instruction 231/07/2024 Setting the Threshold for Declaring International Physical Transport of Cash and Bearer Negotiable Instruments
The Central Bank of West African States (BCEAO) has issued Instruction 231/07/2024 to establish a five million CFA franc threshold for declaring the international physical transport of cash and bearer negotiable instruments. Any individual entering or leaving a UMOA member state from or to a third country must submit this declaration to the Customs Administration at the point of entry or exit when carrying amounts meeting or exceeding the specified limit. The instruction, which takes effect upon signature, supersedes prior regulations and subjects non-compliance to sanctions under the relevant UMOA anti-money laundering and counter-terrorist financing uniform act.
1 BCEAO CENTRAL BANK OF WEST AFRICAN STATES The Governor INSTRUCTION NO. 231/07/2024 SETTING THE THRESHOLD FOR DECLARING INTERNATIONAL PHYSICAL TRANSPORT OF CASH AND BEARER NEGOTIABLE INSTRUMENTS The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) dated 20 January 2007, particularly Article 34 Having regard to the Statutes of the Central Bank of West African States (BCEAO) annexed to the UMOA Treaty dated 20 January 2007, particularly Articles 30 and 59; Having regard to the Uniform Act on combating money laundering, terrorist financing and proliferation of weapons of mass destruction in UMOA member states, particularly Article 70, HAS DECIDED: Article 1: Threshold for declaration at the point of entry or exit from the territory The threshold from which any person, coming from a third state entering the territory of a UMOA member state or leaving it for a third state, is required to make, at the time of entry or exit, a declaration of physical transport of cash and bearer negotiable instruments to the Customs Administration at the point of entry or exit from the territory, is set at five million (5,000,000) CFA francs. Article 2: Applicable sanctions Any person who contravenes the provisions of this Instruction is subject to the sanctions provided for by the Uniform Act on combating money laundering, terrorist financing and proliferation of weapons of mass destruction in UMOA member states. Article 3: Final provision This Instruction repeals and replaces all prior provisions dealing with the same subject, particularly Instruction No. 008-09-2017 dated 25 September 2017 setting the threshold for declaring international physical transport of cash and bearer negotiable instruments. It enters into force on the date of its signature and is published wherever necessary. Done in Dakar, on 16 JUL. 2024 Jean-Claude Kassi BROU Avenue Abdoulaye FADIGA BP 3108 - Dakar - Senegal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 courrier.bceao@bceao.int - www.bceao.int