Instruction No. 008-09-2017 Setting the Threshold for Declaring Physical Cross-Border Transport of Cash and Bearer Negotiable Instruments

BCEAO
CENTRAL BANK OF WEST AFRICAN STATES
The Governor

INSTRUCTION NO. 008-09-2017 SETTING THE THRESHOLD FOR DECLARING PHYSICAL CROSS-BORDER TRANSPORT OF CASH AND BEARER NEGOTIABLE INSTRUMENTS

The Governor of the Central Bank of West African States (BCEAO),

Having regard to the Treaty of the West African Monetary Union (WAMU) dated January 20, 2007, particularly Article 34;

Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the WAMU Treaty dated January 20, 2007, particularly Articles 30 and 59;

Having regard to the Uniform Act on combating money laundering and terrorist financing in WAMU member states, particularly Articles 1, 12, 16 and 17,

DECIDES

Article 1: Threshold for Declaration

The threshold for declaring physical cross-border transport of cash and bearer negotiable instruments is set at five million CFA francs, to be submitted to the competent authority of a WAMU member state at the point of entry or exit from the territory, during travel to or from a non-WAMU state.

Article 2: Sanctions

Failure to comply with the established threshold and the related declaration obligation, as provided by this Instruction, subjects the responsible parties to sanctions stipulated by the Uniform Act on combating money laundering and terrorist financing in WAMU member states, as well as by the law governing disputes related to infringements of foreign financial relations regulations.

Article 3: Entry into Force

This Instruction enters into force on the date of its signature and is published wherever necessary.

Done in Dakar, on September 25, 2017

[Signature]

Tiémoko Meyliet KONE

Avenue Abdoulaye FADIGA
P.O. Box 3108 - Dakar - Senegal
Tel.: (221) 33 839 05 00 / Fax: (221) 33 823 93 35 courrier.bceao@bceao.int - www.bceao.int