Regulatory Alerts2024-07-31
BCEAO Instruction No. 233/07/2024 Setting the Threshold for Cash or Bearer Instrument Debt Payments
The Central Bank of West African States (BCEAO) issued Instruction No. 233/07/2024 to establish a five million CFA franc threshold for cash and bearer instrument debt payments across UMOA member states. This mandate applies to single or linked transactions, excluding payments between natural persons acting outside their professional capacity. Non-compliance triggers sanctions under the existing UMOA uniform act on money laundering, terrorist financing, and weapons proliferation, while superseding all prior conflicting provisions effective from the signature date.
BCEAO CENTRAL BANK OF WEST AFRICAN STATES The Governor INSTRUCTION NO. 233/07/2024 SETTING THE THRESHOLD FOR PAYMENT OF A DEBT IN CASH OR BY BEARER INSTRUMENTS The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) dated 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 dated 20 January 2007, particularly Articles 30 and 59 thereof; Having regard to the Uniform Act on combating money laundering, terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA, particularly Article 73 thereof; DECIDES:
Article 1: Threshold Amount for Payment of a Debt The threshold from which payment of a debt may no longer be made in cash or by bearer instruments, whether as a single transaction or multiple transactions that appear linked, is set at five million (5,000,000) CFA francs, without prejudice to more stringent specific provisions in force in the member states of UMOA.
Article 2: Exemptions The threshold set out in Article 1 of this Instruction does not apply to payments made between natural persons acting other than for professional needs.
Article 3: Applicable Sanctions Failure to comply with the provisions of this Instruction is subject to the sanctions provided for by the Uniform Act on combating money laundering, terrorist financing and proliferation of weapons of mass destruction in the member states of UMOA.
Article 4: Final Provision This Instruction repeals and replaces all prior provisions dealing with the same subject matter, notably Instruction No. 009-09-2017 of 25 September 2017 setting the threshold for payment of a claim in cash or by bearer instruments. It enters into force on the date of its signature and shall be published wherever necessary.
Done in Dakar, 16 JULY 2024 Avenue Abdoulaye FADIGA Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 BP 3108 - Dakar - Senegal courrier.bceao@bceao.int - www.bceao.int 1