Comoros Moves to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations
The Comorian government has announced a series of measures aimed at strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. This move comes in response to deficiencies identified in areas such as customer due diligence, record-keeping, and supervision and regulation.
Updated List of Money Transfer Service Operators
As part of these efforts, the government will maintain an updated list of money transfer service operators, ensuring that all relevant parties are aware of their obligations under AML/CFT regulations.
Preventive Measures for Non-Financial Businesses and Professions
The government has also announced plans to introduce preventive measures for non-financial businesses and professions, including:
- Expanded customer due diligence requirements
- Introduction of requirements related to politically exposed persons (PEPs)
- Measures to address new technologies that may facilitate customer anonymity
These measures aim to prevent the misuse of financial systems by criminals.
Suspicious Transaction Reporting
The government has clarified the framework for reporting suspicions of money laundering and terrorist financing, explicitly requiring the reporting of suspicious attempted transactions. The government will also undertake actions to strengthen knowledge among entities subject to AML/CFT requirements with respect to their suspicious transaction reporting obligations.
Regulation, Supervision, Monitoring, and Sanctions
The government has designated a regulatory authority for casinos on the subject of AML/CFT and established administrative sanctions for failure to comply with customer due diligence requirements. The government will also establish measures to prevent criminals or their accomplices from taking control of casinos.
National and International Cooperation
The government has committed to:
- Ensuring effective implementation of domestic cooperation
- Ratifying additional protocols to the United Nations Convention Against Organized Transnational Crime
- Transposing relevant provisions of international conventions into domestic law
- Establishing arrangements for mutual legal assistance, extradition, and other forms of cooperation
Resources and Statistics
The government has pledged to allocate additional resources, including:
- Premises
- Staff
- Training
- Budget
to the Financial Intelligence Unit (FIU) and develop and increase skills among supervisors, judicial authorities, and law enforcement agencies involved in the prevention and suppression of money laundering and terrorist financing.
The Comorian government’s efforts aim to strengthen its AML/CFT regime, enhance transparency, and prevent the misuse of financial systems for illegal activities. The measures are expected to bring Comoros into compliance with international standards and best practices in the fight against money laundering and terrorist financing.