Financial Crime World

Comoros Moves to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism Laws

In an effort to curb money laundering and terrorist financing, the government of Comoros has announced plans to establish licensing requirements for money transfer services. This move is part of a broader effort to address deficiencies in customer due diligence, record-keeping, and supervision and regulation.

Key Measures

  • Require money transfer service operators to maintain an updated list of all operators in the sector
  • Implement measures to prevent criminal organizations from taking control of casinos and other high-risk businesses
  • Publish implementing regulations for traders in precious stones and metals
  • Clarify the framework for reporting suspicious transactions, including suspected terrorist financing and attempted transactions

Additional Measures

  • Designate a regulatory authority for casinos
  • Establish administrative sanctions for failure to comply with customer due diligence requirements
  • Implement measures to prevent criminals from taking control of high-risk businesses
  • Assess whether other non-financial businesses or professions present a risk of money laundering or terrorist financing, and make them subject to AML/CFT preventive measures if necessary

International Cooperation

  • Ratify additional protocols to the United Nations Convention Against Organized Transnational Crime
  • Transpose relevant provisions of the Vienna and Palermo Conventions into domestic law
  • Introduce mechanisms for providing mutual legal assistance in a timely, constructive, and effective manner

Expert Opinion

“The Comorian government is taking a proactive approach to addressing these critical issues,” said a leading financial expert. “By establishing licensing requirements for money transfer services and strengthening AML/CFT laws, they are demonstrating their commitment to protecting the financial sector and preventing illegal activities.”

Next Steps

The new regulations are expected to come into effect in the coming months following a period of public consultation and feedback from stakeholders.

Note: The Comorian government’s efforts aim to ensure that all sectors are adequately protected against financial crimes, making it a significant step forward in the fight against money laundering and terrorist financing.