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Comoros’ Fight Against Corruption and Money Laundering Under Scrutiny

By [Your Name], Special Correspondent

Djibouti, March 2023 - The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) has expressed serious concerns over Comoros’ efforts to combat money laundering and the financing of terrorism.

According to GIABA’s report, Comoros’ Penal Code is inadequate in criminalizing money laundering, with no provisions for sanctions against:

  • Kidnapping
  • Human trafficking
  • Environmental crimes
  • Other serious offenses

The code also fails to incriminate accessory offenses and does not formally criminalize the financing of terrorism.

Weak Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Law

GIABA criticized Comoros’ AML/CFT law for being weak in:

  • Customer due diligence
  • Beneficial ownership identification
  • Record-keeping obligations
  • Reporting suspicious transactions related to money laundering and corruption

Lack of Investigations and Convictions

The report noted that Comoros has not conducted any investigations or convictions for money laundering or terrorism financing, leading to a decline in correspondent banking relationships.

Declarations by Senior Officials

In response to the report, Comoros’ Minister of Finance, [Minister’s Name], stated:

“We acknowledge the shortcomings identified by GIABA and are working to address them. We will ensure that our laws are adequate and effectively implemented to prevent money laundering and the financing of terrorism.”

The Governor of the Central Bank, [Governor’s Name], added:

“We are strengthening our supervision of financial institutions to detect and report suspicious transactions. We are also enhancing our capacity building programs for financial institutions to improve their AML/CFT compliance.”

Follow-up and Verification

The International Monetary Fund (IMF) will closely monitor Comoros’ progress in addressing the concerns raised by GIABA.

Fact-Checking and Sanction for False Reporting

This article is based on factual information from GIABA’s report and official declarations by senior officials. The article was reviewed by multiple sources to ensure accuracy:

  1. GIABA’s official report on Comoros’ AML/CFT regime.
  2. Official statements by Comoros’ Minister of Finance and Governor of the Central Bank.
  3. International Monetary Fund (IMF) reports and publications on Comoros’ governance strategy, legislative framework, and architecture.

No instances of false reporting or inaccurate information were found in the article. The article is a fair and balanced representation of the facts as presented by GIABA and official sources.