Regulatory Alerts2012-12-14
Decision No. CM/UMOA/020/12/12 Adopting the Uniform Bill on Litigation of Offenses to External Financial Relations Regulation and Two Draft Implementing Decrees
The Council of Ministers of the West African Monetary Union (UMOA) adopted a uniform bill and two implementing decrees to standardize the litigation procedures and penalties for violations of external financial regulations across member states. The legislation establishes a specialized commission to handle such disputes, outlines pre-litigation settlement conditions, and legally obligates all UEMOA member states to incorporate these texts into their national legal frameworks. The Governor of the Central Bank of West African States (BCEAO) is designated to monitor compliance, with the decision entering into force immediately upon its signature on December 14, 2012.
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