Financial Crime World

Here is the rewritten article in markdown format:

Western Sahara Establishes Robust Regulatory Compliance Framework

======================================================

The Central Reserve Authority of Western Sahara, a rising offshore finance center, has established a comprehensive regulatory compliance framework to ensure financial stability and integrity in the region. The authority, established in May 2016, regulates the financial services sector in Western Sahara’s Free Zone, adhering to international standards.

Key Regulatory Bodies

  • Central Reserve Authority of Western Sahara: responsible for regulating and supervising the financial services sector in the region.
  • Financial Stability Department: ensures the stability and integrity of the financial system.
  • Governor: oversees the authority and makes key decisions.
  • Financial Stability Advisory Committee: provides expert advice on regulatory matters.
  • Supervisory Council: monitors and regulates financial institutions.

Regulatory Laws

A range of laws govern financial activities in Western Sahara, including:

  • Companies Regulations Act
  • Banking and Trust Act
  • Insurance and Brokerage Act
  • Money Laundering Regulations
  • Crypto Company Act 2020

These laws aim to ensure that financial institutions operate transparently and securely.

International Financial Services

The Central Reserve Authority of Western Sahara offers a range of international financial services, including:

  • International banking requirements: entities must apply for licenses and meet specific capital and deposit requirements.
  • Brokerage companies: entities must obtain licenses and meet specific capital and deposit requirements.
  • International insurance: entities must obtain licenses and meet specific capital and deposit requirements.
  • International trust corporations: entities must obtain licenses and meet specific capital and deposit requirements.

New Services

The authority has recently introduced new licenses for:

  • Virtual currency activities: including cryptocurrency exchange and depository wallet management.
  • Gambling licenses: organizations offering games of chance can apply for licenses, subject to stringent standards to ensure integrity and financial stability.

Western Sahara Management and Advisory Corporation

The Western Sahara Management and Advisory Corporation provides a range of banking and financial services in the jurisdiction of SADR, including:

  • Gambling licenses
  • Crypto licenses

For more information on these services, please visit our main website.