Central Banks Validation Document To Address Money Laundering May Also Impact Agri-commodities Business
Ready to Eat Products
Cameroon
Nigeria
Regulation & Compliances
Pellah Innocent
Published Apr 29, 2022
Despite the scarcity of foreign currencies which is already slowing international payments to and from the CEMAC zone, the central bank has just made things tougher by requiring a document to get validation for any payment. This measure is a step further in the fight against money laundering and terrorism financing in which the governments have embarked on banking institutions. From the beginning of Q3, any entities involved in a payment to and from the CEMAC region will have to provide an authenticated copy of its creation terms; the list of its shareholders and capital repartition; the list of end physical beneficiaries of the transfer. Considering how delicate providing such information might be, If business partners (buyer and supplier) do not handle this on time, they will likely face some payment issues when this extended deadline finally elapses.
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