Regulatory Alerts2015-06-01
Notice No. 002-06-2015 on the Procedures for Processing Advance Financing of Merchandise Exports
The Central Bank of West African States (BCEAO) mandates that advance receipts from non-residents for future goods delivery constitute external sales financing, requiring economic operators to declare such contracts within one month of signing. Approved intermediaries must open export domiciliation files, record all payments, and clear them upon shipment using Customs certificates while ensuring payment totals match certificate amounts. Furthermore, operators must transfer any remaining balances within one month of the due date, and intermediaries must repatriate foreign exchange to the Central Bank through official BCEAO channels in compliance with existing regulations.
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