Madagascar

SAMIFIN directive of 14 June 2022 for financial institutions and designated non-financial businesses and professions. It requires a risk-based approach, written procedures, an annual training plan and a yearly internal evaluation, sets beneficial-ownership identification at 25% of capital or voting rights, requires prior approval and enhanced due diligence for politically exposed persons, and says transactions involving virtual assets must be reported whatever the amount.

Restructures BIANCO, giving it nationwide jurisdiction, operational independence and management autonomy. It sets out its investigation, education and prevention directorates and its management of asset and economic-interest declarations (Art. 50). Dated 15 January 2020.

Sets the conditions for providing banking services and the supervision of providers. It groups credit institutions into categories, brings e-money and currency exchange providers within its scope, and covers licensing, prudential rules, crisis prevention, resolution and sanctions. Both chambers adopted it on 2 July 2020; the text cites a Constitutional High Court decision of 31 August 2020 but gives no promulgation date.

The core AML/CFT statute. It sets customer due diligence (Arts 13-14), record-keeping (Art. 17), internal prevention programmes (Art. 19) and suspicious transaction reporting to the financial intelligence service (Arts 27-28). The Senate adopted it on 28 December 2018 and the Assemblée nationale on 31 December 2018; SAMIFIN dates it 13 February 2019.

Sets the central bank's first objective as the internal and external stability of the currency (Art. 5). Art. 42 gives the bank exclusive competence over the national payment system, and Art. 43 leaves the CSBF responsible for the tasks set by the banking law. Art. 94 repeals Law 94-004 of 10 June 1994 and several later texts. The Senate adopted it on 28 June 2016 and the National Assembly on 29 June 2016.

Covers asset declarations, internal anti-corruption measures, amendments to the Penal Code's bribery and misappropriation offences (Arts 11-19), asset freezing and confiscation, and BIANCO's powers and accountability. It also contains a chapter (Title II, Chapter V, four articles) on protecting whistleblowers and witnesses. Both chambers adopted it on 1 July 2016, and the Constitutional High Court ruled on it on 5 August 2016. Parts of Art. 2 are marked as not promulgated.

Sets a legal framework for electronic transactions and e-commerce, covering data messages, online contracts and payment by card or online transfer. Art. 1(j) defines the electronic signature. Arts 19 and 31 provide for certification by an accredited body of electronic card contracts and online payment orders, and Art. 34 applies bank record-keeping rules to electronic writings and signatures. Adopted 5 November 2014.

General labour law covering employment contracts and their termination, wages, working hours, leave, protection of women, children and disabled workers, workplace health and safety, unions, collective agreements, disputes, labour inspection and penalties. Art. 5 bars sanctions or dismissal of employees who resist, testify about or report harassment. The Assembly adopted it on 11 December 2003 and the Senate on 10 June 2004. The text read is the FAOLEX copy.