From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Uniform Law on the Fight Against Money Laundering in Member States of the West African Economic and Monetary Union (WAEMU)
(enacted in 2003)
The Uniform Law on the Fight Against Money Laundering in Member States of the West African Economic and Monetary Union (WAEMU) of 2003 (Loi Uniforme Relative a la Lutte Contre le Blanchiment de Capitaux dans les Etats Membres de L’Union Economique et Monetaire Ouest Africain (UEMOA)), issued by WAEMU, was developed for moral, political, financial, and economic reasons.
The law covers the following topics:
- Preliminary, defines money laundering and other terms in the act;
- Prevention of Money Laundering, provides information on identifying consumers and implementing internal programs to prevent money laundering;
- Detection of Money Laundering, addresses procedures concerning suspicious transactions and other related matters to detection;
- Enforcement Action, contains provisions relating to administrative sanctions, criminal laws applicable to individuals, and measures the interim judge is empowered to prescribe;
International Cooperation, involves the establishment of a global strategy to fight against money laundering; and
- Final Provisions, contains provisions concerning the enforcement of the act.
DISCLAIMER: Due to the fact that an official English translation was unavailable for this law, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.