Here is the rewritten article in markdown format:

Comoros Embraces Risk-Based Approach to Combat Money Laundering and Terrorist Financing

The Comorian authorities have taken a significant step in their fight against money laundering and terrorist financing by adopting a risk-based approach, as recommended by the Financial Action Task Force (FATF). This flexible strategy allows the country’s competent authorities, banks, and financial institutions to identify, assess, and mitigate the risks they face from these illicit activities.

Benefits of a Risk-Based Approach

Under this approach, Comoros will be able to:

• Allocate resources more efficiently, focusing on high-risk areas and taking enhanced measures where necessary
• Exempt low-risk activities, thus avoiding the negative consequences of de-risking

Implementation Guidance

The guidance issued by the FATF provides a comprehensive framework for the implementation of this approach in the banking sector. It takes into account:

• Comoros’ national risk assessments and legal framework
• Develops a common understanding between supervisory authorities and banks
• Includes practical examples to facilitate its application

Structure of the Guidance

The guidance is divided into three sections:

Section 1: Key Elements of the Risk-Based Approach

Explains the key elements of the risk-based approach, including: + Identifying and assessing risks + Developing a risk management framework + Implementing risk mitigation measures

Section 2: Guidance for Banking Supervisors

Provides specific guidance for banking supervisors on how to apply the risk-based approach, including: + Risk assessment and monitoring + Reporting requirements + Enforcement actions

Section 3: Practical Advice for Banks

Offers practical advice for banks on how to implement the risk-based approach, including: + Risk identification and assessment + Risk mitigation strategies + Compliance with regulatory requirements

Additional Resources

The guidance also provides further reading on related topics, including:

• FATF Recommendations
• A recent statement clarifying the risk-based approach

For more information, journalists can contact the FATF Secretariat at: +33 (0)1 45 24 90 90 or contact@fatf-gafi.org.