2024-09-26 07:17:36
The third quarterly consultation meeting was held between the National Director of the BCEAO, Emmanuel ASSILAMEHOO and the General Directors of the credit institutions, on behalf of 2024, this Tuesday, September 24, 2024 in the premises of the Central Agency of the BCEAO in Cotonou. A number of points were discussed, including communication on the main developments in the law regarding money laundering and terrorist financing and the proliferation of weapons of mass destruction.
Abdul Wahab ADO
Emmanuel ASSILAMEHOO, National Director of the BCEAO for Benin, is concerned about the fight against money laundering and the financing of terrorism and the proliferation of weapons of mass destruction. It is in this dynamic that the main developments in the law regarding money laundering and terrorist financing and the proliferation of weapons of mass destruction were presented during the 3rd consultation meeting. This time, the General Directors of the credit institutions took note of the deficiencies noted in the old uniform law and led to its revision. These shortcomings relate in particular to the weaknesses identified in terms of the effectiveness of the AML/CFT system, technical non-compliance, developments in international standards in this area, developments in activities and actors (the appearance of Fintech, crypto-assets) and the clarification of certain standards. existing provisions (politically exposed persons).
What is money laundering?
Money laundering is involved even if the author launders the facts or attempts to launder the proceeds of the crime he himself committed; in the absence of a prior prosecution or conviction for a predicate offence; if there is a missing condition to take legal action after the commission of such crimes or offences; 648/2012 Text relevant to the EEA if the activities originating from the goods to be laundered are carried out on the territory of another member state of the West African Monetary Union or on the territory of a third state. Knowledge or intent, as elements of the aforementioned activities, can be inferred from objective factual circumstances
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