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Western Sahara Emerges as Major Offshore Finance Center with Central Reserve Authority at the Helm

In a bid to establish itself as a premier financial center, Western Sahara has made significant strides in regulating its financial services sector. The Central Reserve Authority of Western Sahara, established in 2016, is dedicated to ensuring compliance with international standards.

Regulatory Framework in Place

The authority, which came into being in 2017, consolidates regulation and supervision under a single body, aligning with global trends. A raft of laws govern financial activities, including:

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

Key Structures in Place

The Central Reserve Authority boasts several key structures, including:

  • Financial Stability Department: responsible for monitoring and analyzing the financial stability of Western Sahara
  • Governor: oversees the authority’s overall strategy and direction
  • Financial Stability Advisory Committee: provides expert advice on financial stability matters
  • Supervisory Council: ensures compliance with regulations and standards

These entities work together to ensure informed decision-making and safeguard financial stability in Western Sahara.

International Services Expanding

Western Sahara is committed to upholding internationally recognized standards of compliance, positioning itself as a preeminent financial center in the financial services arena. The authority offers licenses for:

  • International banking business
  • Brokerage companies
  • International insurance businesses
  • International trust corporations

New Services Launched

The Western Sahara Management and Advisory Corporation has launched new services, including:

  • Gambling licenses for organizations offering games of chance
  • Crypto licenses for virtual currency activities, such as:
    • Cryptocurrency exchange
    • Depository wallet management

Looking to Expand Your Financial Footprint?

If you’re interested in learning more about the opportunities available in Western Sahara, visit our main website to find out how we can assist you.