Regulatory Alerts2012-12-14
Decision No. CM/UMOA/020/12/2012 Adopting the Uniform Bill on the Litigation of Offences to the Regulation of External Financial Relations of UMOA Member States and Two Draft Application Decrees
The Council of Ministers of the West African Monetary Union (UMOA) issued Decision No. CM/UMOA/020/12/2012 to adopt a uniform bill and two application decrees that standardize the litigation process for offences against external financial regulations across UMOA member states. The Decision requires all member states to integrate these instruments into their domestic legal orders and establishes a Commission with specified composition, powers, and operational rules to manage pre-judicial settlements and oversee prosecutions. The Governor of the Central Bank of West African States (BCEAO) is charged with monitoring implementation, and the Decision enters into force upon its signature on December 14, 2012.
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