Combating Financial Crime: The Union of Comoros Receives Training from the World Bank
======================================================
The Union of Comoros has taken a significant step to combat money laundering and terrorism financing by launching a training program for over 100 staff from vulnerable sectors of the economy. This initiative, supported by COMESA Maritime Security (MASE) programme funded by the European Union and facilitated by World Bank experts, aims to equip participants with the skills to assess their country’s Money Laundering and Terrorism Financing (ML/TF) risks.
Training Program Objectives
- Equip staff from banking, bureau de change, insurance, and real estate sectors with the skills to identify and mitigate financial crimes
- Use the World Bank National Risk Assessment tool to train participants on how to assess ML/TF risks
- Prioritize resource allocation and formulate policies relating to anti-money laundering and combating financing of terrorism
Expert Insights
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 experts at the training.
Comoros’ Commitment
The Comorian Minister of Finance and Budget, Said Ali Chayhane, emphasized his government’s commitment to curbing financial crimes. He noted that the country’s strategic location makes it a hub for transnational crimes, making it essential to identify and mitigate risks to maintain its reputation in the global market.
International Support
The training is part of Comoros’ efforts to strengthen its anti-money laundering capacity, which has received support from COMESA MASE in the past. The organization has provided training to Comoros Financial Intelligence Unit (FIU) analysts in tactical and strategic analysis and law enforcement agencies in financial investigations and asset recovery.
Key Attendees
The opening ceremony of the workshop was attended by at least six ministers, representatives from the World Bank, Inter-Governmental Action Group Against Money Laundering in West Africa, diplomatic community, Central Bank of Comoros, anti-money laundering stakeholders, and COMESA.