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COMOROS: TERRORIST FINANCING RISKS ON THE RISE

The island nation of Comoros has been identified as a high-risk jurisdiction for terrorist financing, with experts warning that the country’s lax anti-money laundering laws and lack of effective regulation make it an attractive destination for illicit funds.

Lax Anti-Money Laundering Laws Put Comoros at Risk

According to a recent report by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), Comoros has failed to implement adequate measures to prevent the financing of terrorism, putting its financial system at risk. “Comoros is vulnerable to terrorist financing due to its weak anti-money laundering framework and lack of effective regulation,” said a senior official from ESAAMLG. “This creates an environment where terrorist groups can operate with relative ease.”

Key Areas of Concern

The report highlights several key areas of concern, including:

Comoros’s failure to establish a national risk assessment, which is essential for identifying and mitigating threats to its financial system.
The country’s lack of effective laws and regulations to prevent the financing of terrorism, making it difficult to track and investigate suspicious transactions.

International Scrutiny

Comoros has been under increased scrutiny from international authorities in recent years due to concerns over its poor record on anti-money laundering and counter-terrorist financing. In 2020, the Financial Action Task Force (FATF) placed Comoros on its list of jurisdictions under increased monitoring, citing its failure to meet international standards.

Experts Warn of Serious Consequences

Experts warn that the failure of Comoros to address its terrorist financing risks could have serious consequences for regional stability and global security. “The risk of terrorist financing in Comoros is not just a national issue, but also a regional one,” said a senior analyst from the International Crisis Group. “If left unchecked, it could lead to more violent extremism in East Africa.”

Sources

ESAAMLG report on Comoros’ anti-money laundering efforts
Financial Action Task Force (FATF) list of jurisdictions under increased monitoring
International Crisis Group analyst’s comments