Financial Regulatory Bodies in Western Sahara Emerge as Major Player on Global Stage
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The financial services sector in Western Sahara has made significant strides forward with the establishment of the Central Reserve Authority, a regulatory body dedicated to ensuring international standards are met. The authority was established in May 2016 and has since been recognized as a rising offshore finance center.
Regulatory Framework
The Central Reserve Authority is responsible for regulating and supervising the financial services sector in Western Sahara, adhering to international compliance standards to establish the jurisdiction as a premier financial center. Established in 2017, the authority consolidates regulation and supervision under a single body, aligning with international trends.
Key Regulatory Laws
A range of regulatory 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
Authority Structure
Key structures within the authority include:
- Financial Stability Department
- Governor
- Financial Stability Advisory Committee
- Supervisory Council
- Ensuring informed decision-making and safeguarding financial stability.
Regulatory Measures
The Central Reserve Authority has implemented a range of measures to ensure effective regulation and supervision of Western Sahara’s financial services sector, including:
- International banking requirements
- Brokerage companies
- International insurance
- International trust corporations
Those wishing to conduct international banking business in Western Sahara must apply for licenses categorized as Class I or Class II, with specific capital and deposit requirements.
Licensing Requirements
The authority also licenses forex brokers under the Insurance and Brokerage Act 2017, while international insurance businesses must be licensed under the International Business Corporation (IBC) Act. Entities seeking to conduct international trust business can apply for Class I or Class II licenses, subject to specific capital requirements and customer restrictions.
Additional Services
Western Sahara Management and Advisory Corporation provides a range of banking and financial services in the jurisdiction, including:
- Gambling licenses for organizations offering games of chance
- Crypto licenses for virtual currency activities, including cryptocurrency exchange and depository wallet management
Contact Information
For more information on the Central Reserve Authority’s regulatory framework and services, please visit our website or contact us directly.