Financial Crime World

Financial Crime Risk Assessment Tools Boost Comoros’ Anti-Money Laundering Capacity

Comoros has taken significant steps to enhance its capacity to combat money laundering and terrorism financing by hosting a training session for over 100 staff from vulnerable sectors.

Training Session Highlights

  • The three-day training session was supported by the COMESA Maritime Security program funded by the European Union and facilitated by World Bank experts.
  • Participants from banking, bureau de change, insurance, and real estate sectors learned how to use the World Bank’s National Risk Assessment tool in assessing money laundering and terrorism financing risks.

Importance of Risk Assessments

  • According to experts, assessing countries’ risks and applying risk-based approaches is crucial in the global fight against money laundering and terrorism financing.
  • “This helps in prioritizing resource allocation, formulation of policies relating to anti-money laundering and combating financing of terrorism,” said the experts.

Commitment to Combating Financial Crimes

  • Comorian Minister of Finance and Budget Said Ali Chayhane reiterated his government’s commitment to curbing financial crimes, which he described as potentially damaging to economic development.
  • “Our country will now be regarded positively in the global market after this training, considering our strategic location on the map, which can be used as a route for transnational crimes,” he said.

Key Takeaways

  • The importance of identifying risks and promoting transparency was emphasized by Chayhane, who added that Comoros’ involvement at every level is essential to ensure its development is not hindered.
  • The country’s involvement in regional inter-governmental action groups against money laundering and attachment of government officials to Financial Intelligence Units in other countries for benchmarking were also highlighted.

Attendees

  • The event was attended by:
    • At least six ministers, including those responsible for Justice, Interior, Health, Education, Telecommunications, and Public Works
    • Representatives from the World Bank, Inter-Governmental Action Group Against Money Laundering in West Africa, the Diplomatic Community in Comoros, Central Bank of Comoros, various anti-money laundering stakeholders, and COMESA

Future Plans

  • The training session marked another milestone in Comoros’ efforts to combat financial crimes, which will continue with support from COMESA and other international organizations.