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.
WEST AFRICAN MONETARY UNION DECISION No. CM/UMOA/020/12/2012 ADOPTING THE UNIFORM BILL ON THE LITIGATION OF OFFENSES TO THE REGULATION OF EXTERNAL FINANCIAL RELATIONS OF THE MEMBER STATES OF THE WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA) AND TWO DRAFT IMPLEMENTING DECREES
THE COUNCIL OF MINISTERS OF THE WEST AFRICAN MONETARY UNION (UMOA),
Having regard to the Treaty of the West African Monetary Union (UMOA), dated January 20, 2007, particularly Articles 10, 11, 15, 17, and 34 thereof,
Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty, dated January 20, 2007, particularly Articles 42, 43, 44, and 60 thereof,
Having regard to Regulation No. 09/2010/CM/UEMOA on the external financial relations of the member states of the West African Economic and Monetary Union (UEMOA), dated October 1, 2010, particularly Article 16 thereof,
Having regard to Decision No. CM/UMOA/019/12/2012 of December 14, 2012, establishing the rules of procedure of the Council of Ministers of the UMOA pending the formation of the new government of the Republic of Mali,
Having regard to the note from the BCEAO presented to the Council of Ministers during its ordinary session held in Niamey on December 14, 2012, regarding the draft uniform bill on the litigation of offenses to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA),
Having regard to the deliberations of the Council of Ministers during its ordinary session held in Niamey on December 14, 2012,
H E R E B Y D E C I D E :
Article 1: The following are adopted and annexed to this Decision, forming an integral part thereof: • the draft uniform bill on the litigation of offenses to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • the draft uniform decree establishing the conditions for accepting a settlement prior to the initiation of judicial proceedings in the context of prosecutions for offenses to the regulation of external financial relations of the member states of the West African Economic and Monetary Union (UEMOA); • the draft uniform decree establishing the composition, powers, and functioning of the Commission for the Litigation of Offenses to the Regulation of External Financial Relations of the member states of the West African Economic and Monetary Union (UEMOA).
Article 2: The member states of the UMOA shall take the necessary measures to incorporate the uniform bill on the litigation of offenses to the regulation of external financial relations of the member states of the UMOA, as well as the two implementing decrees referred to in Article 1 of this Decision, into their respective domestic legal orders.
Article 3: The Governor of the BCEAO is responsible for monitoring the implementation of this Decision.
Article 4: This Decision shall enter into force as of the date of its signature and shall be published wherever necessary.
Done at Niamey, December 14, 2012 For the Council of Ministers of the West African Monetary Union, The President, Adji Otèth AYASSOR The Minister of Economy and Finance of the Togolese Republic