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.
WEST AFRICAN MONETARY UNION DECISION NO. CM/UMOA/020/12/2012 ADOPTING THE UNIFORM BILL ON THE LITIGATION OF OFFENCES TO THE REGULATION OF EXTERNAL FINANCIAL RELATIONS OF THE MEMBER STATES OF THE WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA) AND TWO DRAFT APPLICATION DECREES
THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION (UMOA)
Having regard to the Treaty of the West African Monetary Union (UMOA), dated January 20, 2007, particularly Articles 10, 11, 15, 17 and 34, Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty, dated January 20, 2007, particularly Articles 42, 43, 44 and 60, Having regard to Regulation No. 09/2010/CM/UEMOA on the external financial relations of the member states of the West African Economic and Monetary Union (UEMOA), dated October 1, 2010, Article 16 thereof, Having regard to Decision No. CM/UMOA/019/12/2012 of December 14, 2012 establishing the rules of operation of the Council of Ministers of UMOA pending the formation of the new government of the Republic of Mali, Having regard to the note from BCEAO presented to the Council of Ministers during its session ordinary held in Niamey on December 14, 2012, regarding the draft uniform bill on the litigation of offences to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA), Having regard to the deliberations of the Council of Ministers during its ordinary session held in Niamey on December 14, 2012,
H E R E B Y D E C I D E S:
Article 1: The following are adopted and attached to this Decision, forming an integral part thereof: • the draft uniform bill on the litigation of offences to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • the draft uniform decree establishing the conditions for accepting a settlement prior to the initiation of judicial proceedings in the context of prosecutions for offences to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • the draft uniform decree establishing the composition, powers and functioning of the Commission for the Litigation of Offences to the Regulation of External Financial Relations of the member states of the West African Economic and Monetary Union (UEMOA).
Article 2: The member states of UMOA shall take the necessary measures to incorporate the uniform bill on the litigation of offences to the regulation of external financial relations of UMOA member states, as well as the two application decrees referred to in Article 1 of this Decision, into their internal legal order.
Article 3: The Governor of BCEAO is responsible for monitoring the implementation of this Decision.
Article 4: This Decision shall enter into force as of the date of its signature and shall be published wherever necessary.
Done at Niamey, on December 14, 2012 For the Council of Ministers of the West African Monetary Union, The President, Adji Otèth AYASSOR The Minister of Economy and Finance of the Togolese Republic