In a decision dated 5 November 2020 and publicly released recently, the Governor of the BEAC – Bank of Central African States – decided to extend the deadline to comply with the provisions of the CEMAC Exchange Regulation No. 02/18/CEMAC/UMAC/CM dated 21 December 2018, until 31 December 2021. Said postponement is applicable to hydrocarbons and mining companies due to the current context of the COVID-19 pandemic.
The compliance is defined as the need to regularise the accounts held in foreign currency by requesting the corresponding approvals, to regularise all the transactions subject to a declaration made before the entry into force of the Regulation No. 02/18/CEMAC/UMAC/CM and during this derogatory period and to provide to the Central Bank any requested information.
Resident Companies operating in the Hydrocarbons and Mining sectors shall provide to BEAC by 30 April 2021 the following documents:
– List of onshore and offshore accounts opened to date (including site restoration fund accounts);
– For each account, the information concerning the domiciliation bank, the number and title of the account, the currency, the date of opening, the object of the account;
– The most recent statement of each account over a month;
– The agreements of each account;
– Loan, bonds or investment agreements signed with banks and/or financial institutions located outside the CEMAC;
– Hydrocarbons and mining contracts.
Failure to comply with the deadline to provide the required information shall entail for the breaching company the loss of the benefit of this extension and the immediate application of all the provisions of the Regulation 02/18/CEMAC/UMAC/CM and the penalties provided for by Article 173 of said Regulation.
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