BCEAO Instruction No. 009-09-2017 Setting the Threshold for Cash or Bearer Instrument Payments

The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) of 20 January 2007, particularly Article 34 thereof; Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty of 20 January 2007, particularly Articles 30 and 59 thereof; Having regard to the Uniform Act on the fight against money laundering and terrorist financing in the member states of the UMOA, particularly Articles 13 and 17 thereof, H A S D E C I D E D
Article 1: Threshold Amount for Payment
The threshold from which the payment of a debt may not be made in cash or by bearer negotiable instruments is set at five million CFA francs, without prejudice to specific more stringent provisions in force in the member states of the UMOA.
Article 2: Exemptions
The exemptions to compliance with the threshold set forth in Article 1 above are as follows:
– payments made by persons who are unable to settle them by cheque or another payment method, as well as by those who do not have a deposit account; – payments made between natural persons acting otherwise than for professional purposes.
Article 3: Sanctions
Non-compliance with the provisions of this Instruction is subject to sanctions, in accordance with the provisions of the Uniform Act on the fight against money laundering and terrorist financing in the member states of the UMOA. 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 INSTRUCTION NO. 009-09-2017 SETTING THE THRESHOLD FOR PAYMENT OF A DEBT IN CASH OR BY BEARER NEGOTIABLE INSTRUMENTS

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Article 4: Entry into Force
This Instruction shall enter into force on the date of its signature and is published wherever necessary.
Done in Dakar, 25 September 2017
Tiémoko Meyliet KONE