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COMOROS FACES BANKING COMPLIANCE ISSUES

The small island nation of Comoros in the Indian Ocean has been flagged for several banking compliance issues by global financial watchdogs. According to a recent report, Comoros scored poorly on several key aspects of anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

Risk Assessment and Coordination

Comoros was deemed “largely compliant” in assessing risk and applying a risk-based approach, but fell short in several other areas. National cooperation and coordination between law enforcement agencies were also found to be lacking, with the country scoring only “partially compliant”.

Money Laundering Offences and Confiscation

The report highlighted concerns over money laundering offences, with Comoros failing to fully implement measures to prevent and detect such activities. Confiscation and provisional measures were also deemed inadequate, resulting in a “partially compliant” rating.

Terrorism Financing and Targeted Sanctions

Comoros was found to be “largely compliant” in its implementation of targeted financial sanctions related to terrorism and terrorist financing, but fell short in its handling of targeted sanctions related to proliferation.

Financial Secrecy Laws and Customer Due Diligence

The country’s financial institution secrecy laws were deemed fully compliant, but customer due diligence measures were found to be only “partially compliant”.

Record Keeping and Internal Controls

Comoros scored well in record keeping and internal controls, with a “largely compliant” rating.

Correspondent Banking and Money Transfers

The country’s correspondent banking arrangements were deemed adequate, but money or value transfer services were found to be only “partially compliant”.

New Technologies and Reporting of Suspicious Transactions

Comoros was found to be non-compliant in its implementation of new technologies and reporting of suspicious transactions.

Supreme Court Opinion

The report highlighted concerns over the lack of transparency and beneficial ownership of legal persons and arrangements, which were deemed non-compliant. Additionally, regulation and supervision of financial institutions, DNFBPs (designated non-financial businesses and professions), and foreign branches and subsidiaries were found to be only partially compliant.

Implications

The report’s findings have significant implications for Comoros’ international reputation and its ability to attract foreign investment and conduct global trade. The country must now take swift action to address these compliance issues in order to maintain the trust of the international financial community.