Benin report - Institut Africain de la Gouvernance

CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT__________________________________________________________________________public enterprises are not well developed and not applied systematically.These aspects are also considered in more detail in Chapter Five on corporategovernance.367. Core Principles for Effective Banking Supervision. These principles weredrawn up by the Basel Committee for Banking Supervision. They define 25core principles and cover the following areas: preconditions for effectivebanking supervision, licensing and structure, prudential regulations andrequirements, methods for ongoing banking supervision, accounting anddisclosure, institutional powers of prudential authorities, and cross-borderbanking activities. In Benin, the BCEAO is responsible for this importantcontrol and supervision exercise.368. African Union Convention on Preventing and Combating Corruption,and the United Nations Convention on Corruption. The CRM noted thatBenin has signed and ratified these conventions, but has not yet incorporatedthem into the country‟s legal system, and that the relevant implementingdecrees have not yet been issued. The CRM also learned that there was aWAEMU directive, No. 07/2002/CM/UEMOA of 19 September 2002, oncombating money laundering in WAEMU member countries. However, Beninhas not yet introduced the regulatory framework that has already beenestablished in Guinea-Bissau, Niger and Senegal.Table 4.1: Situation of standards and codes for economic governance andmanagement in BeninStandards and codes Signed RatifiedConstitutive Act of the AfricanUnion (2000)11 July 2000 3 July 2001NEPAD Strategic FrameworkDocument (2001)Adhered automatically sinceOctober 2001Adhered automaticallysince October 2001Code of Good Practices inFiscal and BudgetaryTransparencyFSAP/BCEAOFSAP/BCEAOGuidelines for Public DebtManagement and SustainabilityFSAP/BCEAOFSAP/BCEAOInternational Accounting andAuditing StandardsBCEAOBCEAOCode of Good Practices inMoney and FinanceTransparencyFSAP/BCEAO/ROSC*FSAP/BCEAO/ROSC136