Regulation No. 02/CEMAC/UMAC/CM on the Unseizability of Foreign Currency Accounts of Extractive Companies in CEMAC

CENTRAL AFRICAN ECONOMIC
AND
MONETARY COMMLINITY
REGULATION N' -02_/CEMAC/UMAC/CM ON THE LNSEIZABILITY OF FOREIGN CURRENCY ACCOUNTS IN CEMAC OF EXTRACTIVE COMPANIES CEN'TRAL AF-RICAN MONETARY I.INION THE MINISTEzuAL COMMITTEE THE M INISTERIAL COMMITTEE. Having regard to the revised Treaty of the Economic and Monetary Cornmunity of Central Africa (CEMAC); Ilaving regard to the Convention governing the Central African Monetary Union (UMAC); Having regard to the Statutes of the Bank of Central Alrican States (BEAC); I laving rcgard to the Convention cstablishing a Central African Banking Commission (COBAC) and subsequent amending texts; Having regard to the OHADA Unilorm Act on the organisation of simplified procedures for recovery and enforcement, in particular Article 5 l, under which the assets and rights that cannot be seized are defined by each of the Contracting States; Having regard to Regulation No. 0l/16/CEMACruMAC/CEMAC on the prevention and suppression of money laundering and terrorist financing and proliferation in Central Africa; Having regard to Regulation N"03/16/ CEMACruMAC/CM on payment systems, means and incidents; I{aving regard to Regulation n'02l18/CEMAC/UMAC/CM on loreign exchange regulations in CITMAC and subsequent implementing texts; Having regard to Regulation N' /2/CEMACiUMAC/CM on the modalities of implernentation of certain provisions of the CEMAC exchange regulations by extractive companies; ::îilif,i ,1 u d.,/ Considering the principles of the Exlractive Industries 'l'ransparency Initiative (EI Having regard to the Convention on the Harmonisation of Banking Regulations in the Central African States and subsequent amending texts;

Considering that investment in the extractive sector contributes to the harmonious and sustainable development of the Member States and the Community; Considering the importance of the activities of resident companies operating in the extractivc sector in achieving BEAC's objectives of strengthening CEMAC's foreign exchange reserves; Considering that extractive companies may open foreign currency accounts in CEMAC Credit Institutions under the conditions and procedures defined by the exchange regulations in force; Considering that the repatriation of a substantial part of the foreign currency assets held by companies in the extractive sector and olthe funds for site rehabilitation contributes to the external sustainability of the common currcncy; Anxious to facilitate BEAC's aohievement ol its objectives in terms of repatriation of foreign currency assets and the subsequent strengthening of CEMAC's foreign reserves; Having regard to the assent olthe Board of Directors of BEAC, delivered at its session of Decernber 1'7 , 2021 in Douala. Republic of Camcroon; Meeting in ordinary session on 23 December 2021 in Douala, Republic of Cameroon; On the proposal of the Governor of BEAC, IINANIMOUSLY ADOPTS THE FOLLOWING REGULATION:
Article 1. - The lbreign currency accounts of extractive companies domiciled in the books
of CEMAC credit institutions are exempt from seizure, with the exception of those of transporters and subcontractors. The companies relerred to in this article are understood within the meaning of the Regulation laying down detailed rules lor the implementation of certain provisions of the exchange regulations in CEMAC by extractive companles. lld, :,,f*îrrÎ 2 !P Considering that the counterpart of the balances of the said foreign currency accounts is deposited in the foreign currency accounts ofcredit institutions in the books ofBEAC; Concemed to ensure the extemal stability of the currency issued by BEAC through the maintenance of an adequate level of foreign exchange reserves; /-- i ro-/.

Article 2. - The unseizability provided for in Article I of this Regulation does not prohibit
the Central Bank from implementing the automatic debit referred to in Article 177 of Regulation n'02l18/CEMACruMAC/CM on loreign exchange regulations in the CEMAC. In the event ofthe automatic debit referred to in the first paragraph of this article, it shall be applied in priority to the CFAF accounls ol extractive companies.
Article 3. - in the context of carrying out ûeir activities, resident extractive companies
may formally waive the unseizability of their foreign currency accounts in CEMAC, as provided for in Article I of this Regulation.
Article 4. - The Credit Institutions, COBAC, BEAC and the competent national authorities
are each responsible for ensuring the strict application olthese Regulations.
Article 5. - These Rules may be amended by the Ministerial Committee.
Article 6. - This Regulation shall enter into force on the date of its signature. It is published
in the Official Journal of the Community.
Issued in Douala, on the 23'd of Decemtrer 2021 The Chairperson of the Ministerial Committee, Louis Paul MOTAZE, ç.trL do lA "iw;:;:. 3 \ a)