Financial Crime World

Comoros Seeks to Strengthen Anti-Money Laundering and Combating Financing of Terrorism Efforts

Licensing Requirements for Money Transfer Services

The government of Comoros has announced plans to establish licensing requirements for money transfer services, aiming to prevent anonymous transactions and ensure that all financial transactions are transparent and traceable. As part of this measure, money transfer service operators will be required to maintain an updated list of their operations.

Enhancing Customer Due Diligence

The government is also expanding customer due diligence (CDD) requirements, introducing requirements for politically exposed persons (PEPs), and taking measures to address new technologies that may facilitate customer anonymity. This move is aimed at improving the overall effectiveness of CDD in preventing money laundering and terrorist financing.

Record-Keeping Requirements

To improve transparency and accountability in financial transactions, the government will establish record-keeping requirements and make results of reviews of complex and unusual transactions available to auditors.

Measures for Casinos and Traders

The government has announced plans to publish implementing regulations for casinos and traders in precious stones and metals. Additionally, it aims to clarify the framework for reporting suspicions and explicitly require the reporting of suspicions of terrorist financing.

Strengthening International Cooperation

Comoros is committed to strengthening international cooperation and coordination to combat money laundering and terrorist financing. The country plans to:

  • Ratify additional protocols to the United Nations Convention Against Organized Transnational Crime
  • Transpose relevant provisions into domestic law
  • Establish mechanisms for provision of assistance in a timely, constructive, and effective manner

Administrative Sanctions and Regulatory Authority

To ensure compliance with AML/CFT requirements, the government will:

  • 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

Expected Outcomes

The new measures are expected to improve Comoros’ ability to prevent and combat money laundering and terrorist financing, increasing transparency and accountability in financial transactions.