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Comoros Moves to Enhance Money Transfer Services Amid Concerns Over Deficiencies

In a bid to strengthen its financial sector, the government of Comoros has launched a series of initiatives aimed at addressing deficiencies in customer due diligence (CDD), record-keeping, and supervision and regulation.

Addressing Deficiencies

The moves come as concerns mount over the lack of transparency and accountability in the country’s money transfer services. The government has identified several areas for improvement, including:

  • Expanding CDD requirements
  • Introducing new measures to prevent customer anonymity
  • Establishing record-keeping requirements
  • Clarifying the framework for reporting suspicious transactions
  • Strengthening knowledge among entities subject to anti-money laundering and combating the financing of terrorism (AML/CFT) requirements

Regulatory Measures

To address these issues, Comoros will:

  • Publish implementing regulations with respect to casinos and traders in precious stones and metals
  • Designate a regulatory authority for casinos on AML/CFT matters
  • Put in place administrative sanctions for failure to comply with CDD requirements
  • Establish measures to prevent criminals or their accomplices from taking control of casinos

International Recognition

Comoros’ efforts to enhance its financial sector have been welcomed by international organizations, including the Financial Action Task Force (FATF).

“Comoros’ commitment to strengthening its financial sector is a significant step forward,” said a spokesperson for the FATF. “We urge the government to continue its efforts to address deficiencies in CDD, record-keeping, and supervision and regulation.”

Local Business Support

Local businesses have also praised the government’s efforts.

“We welcome the government’s efforts to strengthen our financial sector,” said a spokesperson for the Comoros Chamber of Commerce. “Greater transparency will help to boost confidence among investors and improve our reputation as a responsible business hub.”

Implementation Impact

The implementation of these reforms is expected to have a significant impact on Comoros’ financial sector, improving transparency and accountability while also enhancing the country’s reputation internationally.

Updated List of Money Transfer Service Operators

As part of its efforts to enhance transparency in the financial sector, Comoros has committed to maintaining an updated list of money transfer service operators. The list will be regularly reviewed and updated to ensure that only reputable entities are allowed to operate in the country.

In another significant move, Comoros has committed to creating a national register for companies and other legal persons. The register will ensure that all businesses operating in the country are transparent and accountable, making it easier for authorities to identify potential money laundering and terrorist financing risks.

Additional Resources for FIU

To support its efforts to prevent money laundering and terrorist financing, Comoros has committed to providing additional resources for the Financial Intelligence Unit (FIU). The FIU will be granted premises, staff, training, and ongoing budget to enable it to effectively carry out its duties.