Financial Crime World

Western Sahara’s Financial Sector Embraces Regulatory Compliance

In a bid to establish itself as a premier financial center, Western Sahara has taken significant steps towards regulatory compliance. The Central Reserve Authority of Western Sahara (CRA), established in 2016, is dedicated to regulating and supervising the financial services sector in the country.

Aligning with International Standards

The CRA aims to align its regulatory practices with international standards, ensuring transparency and stability in the financial market. To achieve this goal, it has implemented a range of laws and regulations governing financial activities, including:

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

Institutional Framework

The CRA is equipped with a robust institutional framework, comprising key structures such as:

  • Financial Stability Department
  • Governor
  • Financial Stability Advisory Committee
  • Supervisory Council

This ensures informed decision-making and safeguards financial stability in Western Sahara.

Licenses for International Banking Business

For entities seeking to conduct international banking business in Western Sahara, licenses categorized as Class I or Class II must be obtained, with specific capital and deposit requirements. Similarly:

  • Brokerage companies must obtain licenses from the CRA
  • International insurance businesses must be licensed under the IBC Act
  • International trust corporations can apply for Class I or Class II licenses, subject to specific capital requirements and customer restrictions

Licenses for Virtual Currency Activities

The authority also issues licenses for virtual currency activities, including:

  • Cryptocurrency exchange
  • Depository wallet management

Western Sahara Management and Advisory Corporation

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

  • Gambling licenses
  • Crypto licenses

With its commitment to regulatory compliance, Western Sahara is poised to establish itself as a major player in the global financial market.