Regulation No. 02/CEMAC/UMAC/CM/18 on Foreign Exchange Operations in the Economic and Monetary Community of Central Africa

Issuing Body: Banque des États de l'Afrique Centrale (BEAC) Address: BP 1917 Yaoundé, Central Cell for Transfer Studies, Foreign Exchange Regulation Monitoring Service Document Code: CEMAC/UMAC/CM/18 (Ref: COSUIVIAF, UMAC-03/06, BEAC-097-CM-06-01/05)

Preamble

This Regulation establishes the legal framework for foreign exchange operations within the Economic and Monetary Community of Central Africa (CEMAC). It defines authorized operators, transaction types, reporting obligations, and compliance mechanisms.

Defined Terms

• BEAC: Banque des États de l'Afrique Centrale (Central African States Bank)
• CEMAC: Economic and Monetary Community of Central Africa
• UMAC: Union Monétaire de l'Afrique Centrale (Central African Monetary Union)
• COBAC: Commission Bancaire de l'Afrique Centrale (Central African Banking Commission)
• CIMA: Conférence Inter africaine des Assurances (Inter-African Conference on Insurance Markets)
• CAF: Comité d'Agrément des Fonds (Authorized Fund Management Committee)
• XAF: Franc CFA (Monetary Unit)
• UEMOA: Union Économique et Monétaire Ouest Africaine (West African Economic and Monetary Union)
• TVA: Taxe sur la Valeur Ajoutée (Value Added Tax)

Articles 1–60

(1) Scope and territorial application of this Regulation. (2) Definitions of key terms and operational boundaries. (3) BEAC's role in foreign exchange regulation and oversight. (4) Authorization framework for financial institutions and operators. (5) Classification of current account operations. (6) CAF's mandate regarding authorized fund allocations. (7) CEMAC's coordination of cross-border transactions. (8) Reporting obligations for authorized operators. (9) CIMA's oversight of insurance-related foreign exchange flows. (10) COBAC's regulatory authority over banking compliance. (11) Documentation and declaration requirements for transactions. (12) Monitoring mechanisms and data reporting standards. (13) BEAC's authorization of foreign exchange bureaus and banks. (14) Procedures for current account transfers and payments. (15) Capital account operations, including investments and loans. (16) Authorized transaction types and operational classifications. (17) CEMAC's coordination of foreign exchange operations. (18) BEAC's monitoring and reporting system (COSUIVIAF). (19) Compliance requirements for authorized operators. (20) Documentation standards and verification procedures. (21) Cross-border transfers and remittance mechanisms. (22) Authorized foreign exchange operations and classifications. (23) CEMAC's framework for capital account transactions. (24) BEAC's oversight of foreign exchange operations. (25) Reporting timelines and submission procedures. (26) BEAC's authorization of financial institutions. (27) XAF and CEMAC currency classifications for transactions. (28) COBAC's regulatory framework for banking operations. (29) CIMA's guidelines for insurance-related foreign exchange flows. (30) CAF's management of authorized fund allocations. (31) BEAC and COBAC coordination on foreign exchange compliance. (32) Classification of authorized transactions and operational categories. (33) Monitoring procedures and data verification standards. (34) BEAC's authorization of foreign exchange operators. (35) UMAC's coordination of monetary operations. (36) BEAC's oversight of foreign exchange transactions. (37) Reporting and documentation requirements for operators. (38) BEAC's authorization of financial institutions and bureaus. (39) Compliance mechanisms and enforcement procedures. (40) Authorized transaction types and operational classifications. (41) CEMAC's framework for foreign exchange operations. (42) BEAC's monitoring and reporting system standards. (43) Documentation verification and compliance procedures. (44) BEAC's authorization of foreign exchange operators. (45) Reporting timelines and submission requirements. (46) BEAC's oversight of foreign exchange transactions. (47) Compliance mechanisms and enforcement procedures. (48) Authorized transaction types and operational classifications. (49) BEAC's monitoring and reporting system standards. (50) Documentation verification and compliance procedures. (51) TVA-related foreign exchange operations and classifications. (52) UEMOA coordination of cross-border transactions. (53) UMAC's framework for monetary operations. (54) BEAC's authorization of financial institutions and bureaus. (55) CEMAC's coordination of foreign exchange operations. (56) BEAC's oversight of foreign exchange transactions. (57) Compliance mechanisms and enforcement procedures. (58) BEAC's authorization of foreign exchange operators. (59) Reporting timelines and submission requirements. (60) Entry into force, transitional provisions, and final clauses.

Operational Framework

Authorized operators must conduct transactions in XAF or equivalent CEMAC currencies. Transactions are classified under current or capital accounts, with specific thresholds and reporting timelines established by BEAC. COBAC oversees banking compliance, while CIMA regulates insurance-related foreign exchange flows. The CAF manages authorized fund allocations and cross-border transfers.

Compliance and Reporting

All foreign exchange operations must be declared through authorized channels within prescribed deadlines. BEAC maintains a centralized monitoring system (COSUIVIAF) to track transactions, ensure regulatory compliance, and prevent capital flight. Regular audits and periodic reporting are mandatory for banks, insurance companies, and authorized financial institutions.

Entry into Force

This Regulation takes effect upon publication in the Official Journal of CEMAC. It supersedes prior foreign exchange directives and applies to all entities operating within the Community’s territory.

Document Reference: CEMAC/UMAC/CM/18 | BEAC Yaoundé | 2018