Financial Crime World

Here is the rewritten article in Markdown format:

Financial Regulatory Bodies in Western Sahara Emerge as Rising Offshore Finance Center

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

Western Sahara’s financial services sector has been gaining traction, with the Central Reserve Authority (CRA) established in May 2016 at the helm. The authority regulates and supervises the financial services industry, striving to meet international standards and establish the jurisdiction as a premier offshore finance center.

The Central Reserve Authority

The CRA began operations in 2017 and is dedicated to regulating and supervising non-bank institutions and international financial services in Western Sahara. By consolidating regulation and supervision under a single body, the authority aligns with international trends and ensures informed decision-making.

Key Laws

Several 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

CRA Structures

The CRA has identified several key structures to ensure financial stability and regulatory practices meet international standards. These include:

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

Areas of Focus

The CRA has identified the following areas as a focus for its regulatory efforts:

  • International banking requirements
  • Brokerage companies
  • International insurance
  • International trust corporations

Licensing Requirements

For those seeking to conduct international banking business in Western Sahara, licenses categorized as Class I or Class II are required. These licenses come with specific capital and deposit requirements.

The CRA also regulates forex brokers under the Insurance and Brokerage Act 2017, and international insurance businesses must be licensed under the 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

In addition to these services, the CRA also offers:

  • Gambling licenses
  • Crypto licenses

The authority issues gambling licenses for organizations offering games of chance, imposing stringent standards to ensure integrity and financial stability. A new service offers licenses for virtual currency activities, including cryptocurrency exchange and 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 and crypto licenses.

Learn More

For those interested in learning more about the CRA’s regulatory framework and services, please visit our main website.