, including the Central African Deposit Insurance Fund (FOGADAC).
The emergence of pan-African banking groups underlines the urgency of upgrading the regulatory and supervisory framework . While the CEMACregulations on consolidated supervision have just been approved, the mechanism is not yet fully operational. In addition, recent crisis cases of banks operating in several jurisdictions have highlighted the need for faster and more decisive interventions by the COBAC when dealing with problem banks–which enhanced institutional autonomy would facilitate–and limiting
this country (oil, traffics). When warranted, and in particular when the findings from these visits were deemed of generic nature, and relevant for all the CEMAC countries, the assessment team incorporated them in its description, analysis and recommendations, but not in the ratings of compliance.
5. The 2003 CEMACRegulation setting up a regional legal framework on Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) constitutes a robust legal basis . The implementing regulation issued by the regional banking supervisor
.A.R.’s trade policies and practices, to a large extent, respect CEMACregulations.
Central African Republic: implementation of the CEMAC reform
Common External Tariff
5%, 10%, 20%, 30%
Generalized Preferential Tariff
Sources: CEMAC; Central African authorities.
59. First, the C.A.R. is fully compliant with the implementation of the rate structure of the CET, and no additional
, and special accounts of the treasury
Statistics presentation of the financial operation of the state
Defines principles (concepts and methodologies) for the production of statistics on budget executions (follows GFSM international statistical standards)
A key role is played by the foundational CEMACregulation on transparency and good governance (directive 06/2011). This regulation serves as the general framework for all the other directives, and lays the groundwork in terms of (1) attribution and responsibilities of each public
The report provides a summary of the level of compliance at the Central African Economic and Monetary Community (CEMAC) regional level and provides recommendations to improve compliance. The assessment focuses on the regional Anti-Money Laundering and Combating the Financing of Terrorism (AML-CLT) framework and its conformity with international standard. The paper reviews the institutional framework, laws, regulations, guidelines, and other requirements, and the regulatory and other systems in place to deter money laundering and the financing of terrorism through financial institutions and designated non-financial businesses (DNFBPs). It also examines the capacity, implementation, and effectiveness of all these systems.
are several administrative steps that need to follow, as well as sometimes deep modification of procedures, IT systems, and work practices, for the new legislation to be effective.
19. A key role is played by the foundational CEMACregulation 06/11 on Transparency and Good Governance ( Table 2 ). This regulation serves as the general framework for all the other directives, and sets the ground in terms of (1) attribution and responsibilities of each public institution, (2) the economic context in which the policy decision in the area fiscal policies are embedded
external audits to properly measure, supervise, report, and manage risks.
114. The creation of a deposit guarantee fund is likely to encourage financial deepening . In January 2004, the CEMACregulation for creating the Central African Deposit Insurance Fund (Fonds de Garantie des Dépôts en Afrique Centrale—FOGADAC) was adopted. COBAC is in the process of defining the modalities of the deposit guarantee system, which could encourage potential clients to open deposit accounts and increase the share of longer-term deposits in the system.
The microfinance sector
FSAP was held back due to several factors, including : delays in the recruitment or appointment of professional staff at the BEAC and SG-COBAC; lengthy processes for adopting CEMACregulations; and difficulties in building a consensus for reforms. Delays in the reform agenda at the regional level have led some member states to move forward even though a regional approach would have been preferable.
Stress Tests Results
17. The stress tests show a high vulnerability to credit risks specific to the CEMAC (fiscal imbalances in response to the oil shock and a