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COMOROS MOVES TO STRENGTHEN AML/CFT REGIME
The Comorian government has taken significant steps to enhance its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, according to a recent report.
Key Measures
- Requiring financial institutions to establish internal policies and procedures for AML/CFT compliance
- Ensuring timely access to necessary information by compliance officers
- Prohibiting shell banks and requiring financial institutions to conduct due diligence on customers
Strengthened Legal Framework
The government has strengthened its legal framework, introducing measures to ensure transparency in company ownership and control. This includes:
- Creating a national register of companies and other legal persons
International Cooperation
Comoros has committed to cooperating with international partners to combat money laundering and terrorist financing. This includes:
- Ratifying additional protocols to the United Nations Convention Against Organized Transnational Crime
- Transposing relevant provisions of international conventions into domestic law
Adequate Resources for FIU
The government has pledged to provide adequate resources to its Financial Intelligence Unit (FIU), including:
- Premises
- Staff
- Training
- Ongoing budget
Developing Skills among Supervisors and Authorities
The government will also develop and increase skills among supervisors, judicial authorities, and law enforcement agencies involved in the prevention and suppression of money laundering and terrorist financing.
Conclusion
These measures are aimed at enhancing Comoros’ ability to prevent and combat money laundering and terrorist financing, and to cooperate with international partners to achieve this goal. The report concludes that these steps demonstrate a commitment by the Comorian government to strengthen its AML/CFT regime and to work closely with international partners to combat these serious threats to global security.