BANK OF CENTRAL AFRICAN STATES Yaounde, the 12th November 2019
The Governor,
CIRCULAR LETTER N°024/GVR 2019
Carrying out due diligence by CEMAC resident companies operating in the mining and hydrocarbon sectors within the framework of the Foreign Exchange Regulations
CEMAC resident companies operating in the mining and hydrocarbon sectors must carry out the following steps by January 31, 2020 at the latest:
- Declare to the BEAC all accounts in onshore and offshore currencies opened to date (including the accounts housing the site rehabilitation funds, known as RES funds), specifying in particular the numbers and titles of the accounts, the domiciliary banks, the opening dates and attaching the conventions of each of the accounts. A proposed timetable for the repatriation of the RES funds to accounts opened in the BEAC books should also be transmitted;
- Communicate to the BEAC all lending, borrowing, investment and any other agreements with foreign banks;
- Transmit to the BEAC the contracts signed with the States as well as the economic model of activity describing the scheme of distribution of operations and the framework within which these operations are carried out.
CEMAC resident companies operating in the mining and hydrocarbons sectors must, before the deadline indicated above, liaise with the BEAC to define a programme of working sessions that should lead to their compliance with all the provisions of Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 regulating foreign exchange in CEMAC and its implementing texts.
In addition to these working sessions to be scheduled, the BEAC will organize consultation sessions with CEMAC resident companies operating in the mining and hydrocarbon sectors, presenting similar issues.
BEAC BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
In view of the above, CEMAC resident companies operating in the mining and hydrocarbons sectors have until 31 December 2020 to comply with the provisions of Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 regulating foreign exchange in CEMAC and its implementing texts. After this deadline, all the provisions of the aforementioned Regulation will be applied.
During this period, CEMAC resident companies operating in the mining and hydrocarbons sectors are invited to show transparency and to transmit to the BEAC any information that may be requested for their compliance with the Foreign Exchange Regulation.
The present Circular Letter shall take effect as from the date of signature.
ABBAS MAHAMAT TOLLI
N°: SEQ 169 /2019
BEAC BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes