Financial Crime World

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Comoros Strengthens Anti-Money Laundering and Combating the Financing of Terrorism Measures

The Comorian government has taken significant steps to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, in line with international standards.

Key Developments

  • Financial institutions will now be required to establish internal AML/CFT policies and procedures.
  • All legal persons and arrangements must provide information on their beneficial ownership and control.
  • A national register for company registration has been created to improve transparency in the financial sector.
  • The 2005 Anjouan Company Law will be repealed, and measures will be introduced to prevent joint stock companies formed with bearer shares from being misused by money launderers.

Enhanced Cooperation Mechanisms

The Comorian government has committed to implementing effective cooperation mechanisms between domestic authorities and international partners. This includes:

  • Ratifying additional protocols to the United Nations Convention Against Organized Transnational Crime.
  • Transposing relevant provisions of the Vienna and Palermo conventions, and the Terrorist Financing Convention into domestic law.

Strengthening Financial Intelligence Unit (FIU) and Authorities

The government has emphasized the importance of providing sufficient resources to the FIU and other authorities involved in the prevention and suppression of money laundering and terrorist financing. This includes allocating additional resources for staff, training, and budget to ensure that these authorities have the necessary skills and capacity to effectively implement AML/CFT measures.

Impact

The country’s efforts to strengthen its AML/CFT regime are expected to improve its ability to prevent and detect financial crimes, including money laundering and terrorist financing. This will help to protect the integrity of its financial system and prevent the misuse of its financial institutions by criminal organizations.

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