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 corporate governance. 364. Core Principles for Effective Banking Supervision. These principles were drawn up by the Basel Committee for Banking Supervision. They define 25 core principles and cover the following areas: preconditions for effective banking supervision, licensing and structure, prudential regulations and requirements, methods for ongoing banking supervision, accounting and disclosure, institutional powers of prudential authorities, and cross-border banking activities. In Benin, the BCEAO is responsible for this important control and supervision exercise. 365. African Union Convention on Preventing and Combating Corruption, and the United Nations Convention on Corruption. The CRM noted that Benin has signed and ratified these conventions, but has not yet incorporated them into the country’s legal system, and that the relevant implementing decrees have not yet been issued. The CRM also learned that there was a WAEMU directive, No. 07/2002/CM/UEMOA of 19 September 2002, on combating money laundering in WAEMU member countries. However, Benin has not yet introduced the regulatory framework that has already been established in Guinea-Bissau, Niger and Senegal. Table 4.1: Situation of standards and codes for economic governance and management in Benin Standards and codes Signed Ratified Constitutive Act of the African Union (2000) 11 July 2000 3 July 2001 NEPAD Strategic Framework Document (2001) Adhered automatically since October 2001 Adhered automatically since October 2001 Code of Good Practices in Fiscal and Budgetary Transparency FSAP/BCEAO FSAP/BCEAO Guidelines for Public Debt Management and Sustainability FSAP/BCEAO FSAP/BCEAO International Accounting and Auditing Standards BCEAO BCEAO Core Principles for Payments and Settlement Systems FSAP/BCEAO/ROSC FSAP/BCEAO/ROSC Core Principles for Effective Banking Supervision FSAP/BCEAO/ROSC SAP/BCEAO/ROSC 135