Exchange Control

With potentially severe sanctions for exchange control violations, it is important to know which transactions are subject to exchange control laws and regulations, and whether the laws apply to nationals, residents, non-residents, individuals and businesses alike. This product provides an overview of these aspects, as well as others such as whether hard currency can be taken out of the country, whether remittance of profits abroad is restricted and whether bank accounts can be held in foreign currency.

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Content

The following topics are covered in the Exchange Control product for each country (click to expand):

1General principles

Exchange Control

1General principles

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Practical Q&A format

This product contains detailed and up-to-date local guidance, in an easy-to-use question-and-answer format, in relation to cross-border and foreign-exchange transactions in a particular African country. If you have a question that is not answered, we’ll source the response for you. Sample questions include:

Which transactions require exchange control approval?

What is the procedure for obtaining exchange control approval?

Are there any restrictions on the inbound or outbound transfer of money, in respect of both local and foreign currency?

Can a local entity invoice another local entity in foreign currency?

Can exemptions from the exchange control laws be obtained, either in the context of investment benefits or for activities in specific sectors?

What civil and criminal sanctions apply to exchange control contraventions?

Benefits of Exchange Control

If you undertake any activities that require funds to flow in or out of a particular African country, the Afriwise platform, and this product in particular, is a must. Afriwise is more powerful than any other solution as it provides accurate, up-to-date and plain-language guidance in relation to all your questions, is interactive, and also notifies you when there are legal updates you should be aware of.

Afriwise subscribers benefit from:

24/7 access to our online platform
detailed practical guidance and insights on all aspects of this area of law
overviews of the applicable laws and upcoming changes, as well as alerts to important legal developments
downloadable copies of all relevant laws and regulations
direct access to vetted local legal experts
valuable tools such as a powerful search engine with relevant filters
country comparisons
a clarification-request tool
note-taking
... and much more.

Gain full visibility across the local foreign exchange law landscape.

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Afriwise connects organisations to outstanding quality and up-to-date legal, risk and business information and local expertise for African countries. We give you deep understanding about African markets, online, and help you proactively comply with local regulations.

Our award-winning solution offers an innovative way to source and stay up to date with key information about exchange-control requirements and practices in a particular African country.

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