COMOROS TAKES STEPS TO ENHANCE FIGHT AGAINST MONEY LAUNDERING AND TERRORISM FINANCING
Moroni, October 4, 2019 - Government of Comoros Takes Significant Step to Combat Financial Crimes
The government of Comoros has taken a significant step to strengthen its capacity to combat money laundering and terrorism financing by training over 100 officials from vulnerable sectors. The training, funded by the European Union through COMESA Maritime Security (MASE) program, aimed at enhancing Comoros’ ability to assess its ML/TF risks.
Training Enhances National Risk Assessment Capacity
The training, which brought together officials from various sectors including finance, justice, interior, and telecommunications, focused on the World Bank National Risk Assessment tool. Conducting national risk assessments is crucial in the global fight against money laundering and terrorism financing, as it helps prioritize resource allocation and inform anti-money laundering policies.
Experts Emphasize Importance of Risk-Based Approach
According to experts from the World Bank, “Assessing countries’ risks and applying risk-based approaches helps prioritize resource allocation and inform anti-money laundering policies.” This approach is essential in identifying and mitigating risks, particularly for Comoros, which has a strategic location on the map that makes it a potential hub for transnational crimes.
Government Commitment to Tackling Financial Crimes
The government’s commitment to tackling financial crimes was underscored by the presence of six ministers at the opening ceremony. The event also saw representatives from the World Bank, Inter-Governmental Action Group Against Money Laundering in West Africa, diplomatic community, Central Bank of Comoros, and anti-money laundering stakeholders attend.
Broader Effort to Strengthen Anti-Money Laundering Capacity
The training is part of a broader effort to strengthen Comoros’ anti-money laundering capacity. The program has provided support to Comoros Financial Intelligence Unit analysts in tactical and strategic analysis, as well as law enforcement agencies in financial investigations and asset recovery.
Key Takeaways
- Over 100 officials from vulnerable sectors were trained on the World Bank National Risk Assessment tool.
- The training aimed at enhancing Comoros’ ability to assess its ML/TF risks.
- Conducting national risk assessments is crucial in the global fight against money laundering and terrorism financing.
- A risk-based approach helps prioritize resource allocation and inform anti-money laundering policies.
By strengthening its anti-money laundering capacity, Comoros is demonstrating its commitment to tackling financial crimes that can hinder economic development.