Legal form for Foreign Currency Transaction

Legal form for Foreign Currency Transaction

"Peter"	8/23/2004 10:24:13 PM
Hello, Is this legal or standard procedure: I recently found and importer in Cameroon however he says that in order for him to make the payment in foreign currency, he has to make an "Application for Foreign Currency transfer" to the Ministry of Finance and Economy. The application form need to be signed by the Buyer (applicant) and the Exporter (Beneficiary). Me being the exporter am not sure weather this is a new genuine legal procedure or a scam. The form looks very genuine, here are the wordings: ********************************************* Applicant (s) person (s) recommending are warned that any of the statements contained in their respective Declaration prove to be untrue, they are liable for prosecution. We are taken due note that application for remittance is subject to the rules and USAGE AS STATED IN THE UNIFORM CUSTOM FOR REMITTANCE OF FOREIGN CURRENCY Brochure N=B0CM/290 WHEREBY IT IS AGREED AS FOLLOWS 1-1We the applicant hereby agrees with the authority to import goods and maintain all customs and laws guiding our economic states, failure to adhere this affidavits should we render ourselves liable for prosecution. 1-2We the beneficiary hereby undertakes and agrees with the authority to maintain normally and adhere the due purpose on the appropriate time to which any funds or payment is in our favour. 1-3We the applicant and beneficiary have accepted to present any required documents and other bank requirements/charges required before the transfer of the fund. Applicant Details:...................................... Beneficiary Details: ................................... The Authority Reserves the right notwithstanding any alteration to the contrary contained in this payment application form. Authorized signature .................................. Applicant (Buyer/importer) signature............... Beneficiary (seller/Exporter) signature.............. ************************************************ I don't understand the meaning of statements 1-2 and 1-3. Has anyone recently exported goods to Cameroon which requires the above foreign currency transfer form. Is this a standard genuine procedure? Please give me as much guidance on this as possible. I intend to give the customer the good he has paid for but if it is a scam what is the worst that can happen to me as a Beneficiary. Thank you, James



tamsuraiya@yahoo.ca (Tam)	8/24/2004 7:58:01 PM
"Peter" <peterxspam@hotmail.com> wrote in message news:<je8li0lavltu5k5us3mprvsjsatk6e23cm@4ax.com>... I recently found and importer in Cameroon however he says that in order for him to make the payment in foreign currency, he has to make an "Application for Foreign Currency transfer" to the Ministry of Finance and Economy. The application form need to be signed by the Buyer (applicant) and the Exporter (Beneficiary). Me being the exporter am not sure weather this is a new genuine legal procedure or a scam. Cameroon is part of the CFA zone, which was formerly based on the French franc and is now based on the euro. The CFA franc used to be freely convertible into French francs, and you could cash CFA banknotes at any French money changing office. I recently learned (on a visit to the Banque de France, where I cashed in some CFP francs and some pre-euro French francs) that this is no longer the case. CFA currency controls have been tightened; the banknotes are worthless outside of the country(ies) of issue (there are several different series of CFA francs, all equal in value but limited to use in one or more countries in Africa). Cameroon is a bilingual country, and unlike most French-speaking countries (but like Canada) their English-language documents tend to make sense, i.e, their English is gramatically and syntactically correct. So it is with the form you have posted. I see no risk to signing and sending it in. However, there is a risk of a Nigerian 419 scam if you are asked for advance fees (for any reason whatsoever) or for bank details other than the name of your bank (so a letter of credit or a wire transmission can be sent). I would discuss this with your own bank. You don't want money to disapppear mysteriously from your account -- as can happen and is likely to happen more frequently after next month when check21 comes into force and anybody can initiate a fraudulent electronic transfer based solely on knowledge of your account number and routing code. If you receive a check or a bank transfer, before shipping any goods make sure your bank accepts the money "without recourse" -- so that it can't be reclaimed from you. Cameroon is not exactly Nigeria, but it does have its risks. (And, now that one thinks of it, in the North there are ethnic Nigerians who voted, when British trusteeship ended, to go with Cameroon rather than Nigeria (another part of the English speaking population chose Nigeria). You might want to telephone the commercial section of the US embassy or consulate in Cameroon if you want further reassurance. Or you could call one of the bank branches there (if you don't speak French, then call a branch of a British bank or one that has a name that suggests they will speak English...) http://www.portalino.it/banks/_cm.htm

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