Comoros Cracks Down on Cybercrime in Finance Sector
October 4, 2019 - Moroni, Comoros
A Decisive Step Against Money Laundering and Terrorism Financing
The government of Comoros has taken a significant step to combat the growing threat of money laundering and terrorism financing by training over 100 staff from vulnerable sectors of the economy. The training aimed at enhancing the country’s capacity to prevent these financial crimes.
Participants and Partners
The event was attended by ministers from various sectors, including:
- Justice
- Interior
- Health
- Education
- Telecommunications
- Public Works
Representatives from the following organizations also participated:
- World Bank
- Inter-Governmental Action Group Against Money Laundering in West Africa
- Diplomatic Community in Comoros
- Central Bank of Comoros
- COMESA (Common Market for Eastern and Southern Africa)
Training Highlights
The training was facilitated by World Bank experts and supported by the COMESA Maritime Security (MASE) program, funded by the European Union. The training focused on the use of the World Bank National Risk Assessment tool to assess Comoros’ Money Laundering and Terrorism Financing (ML/TF) risks.
Expert Insights
Experts emphasized that assessing countries’ risks and applying risk-based approaches is crucial in the global fight against financial crimes. They highlighted that this approach helps:
- Prioritize resource allocation
- Formulate policies relating to anti-money laundering and combating financing of terrorism
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.
Commitment to Combating Cybercrime
The minister expressed confidence that Comoros would be regarded positively in the global market after this training, considering its strategic location on the map. He thanked COMESA for continuously supporting Comoros to strengthen its anti-money laundering capacity.
Regional Significance
Comoros’ efforts to combat cybercrime are seen as a significant step towards ensuring its development is not hindered. The country’s membership of regional groupings such as COMESA also underscores the importance of being involved at every level to ensure its economic growth is not compromised.
Conclusion
The training is a decisive step by Comoros to curb financial crimes and promote economic development. With this initiative, Comoros aims to enhance its reputation globally and ensure its strategic location on the map does not hinder its economic growth.