Financial Crime World

Comoros Moves to Strengthen Anti-Money Laundering and Counter-Terrorist Financing Measures

The Comorian government has announced plans to strengthen its anti-money laundering (AML) and counter-terrorist financing (CFT) framework by establishing licensing requirements for money transfer services, addressing deficiencies in customer due diligence (CDD), record-keeping, and supervision and regulation.

Enhancing Anti-Money Laundering Measures

The move is part of a broader effort to strengthen the country’s AML/CFT framework. The government has identified several areas for improvement, including:

  • Robust Customer Due Diligence: Money transfer service operators will be required to maintain an updated list of customers and report any suspicious transactions to the Financial Intelligence Unit (FIU).
  • Improved Record-Keeping: Operators will need to keep accurate records of financial transactions.
  • Enhanced Supervision and Regulation: The FIU will have the power to conduct inquiries and investigations into suspected cases of money laundering or terrorist financing.

Strengthening Counter-Terrorist Financing Measures

In addition, the government has announced plans to publish implementing regulations for:

  • Casinos: To clarify the framework for reporting suspicious transactions and provide greater transparency over financial transactions.
  • Traders in Precious Stones and Metals: To ensure compliance with AML/CFT regulations.
  • Other Designated Non-Financial Businesses and Professions: To enhance transparency and prevent money laundering and terrorist financing.

Additional Resources and Training

The government has committed to providing:

  • Additional Resources: To supervisors, judicial authorities, and law enforcement agencies involved in the prevention and suppression of money laundering and terrorist financing.
  • Training: To develop and increase skills of supervisors, judicial authorities, and law enforcement agencies involved in AML/CFT efforts.

Strengthening the Financial Intelligence Unit

The Comorian FIU will be granted:

  • Premises: Dedicated facilities to conduct its functions effectively.
  • Staff: Adequate personnel to support AML/CFT efforts.
  • Training: To develop skills and expertise in combating money laundering and terrorist financing.
  • Ongoing Budget: Sufficient funding to enable the FIU to carry out its functions effectively.

Impact on Reputation

The move is seen as a major step forward in Comoros’ efforts to combat money laundering and terrorist financing, enhancing the country’s reputation as a stable and secure financial hub.