Union of Comoros : Detailed Assessment Report of Anti-Money Laundering and Combatting the Financing of Terrorism
The assessment of the anti-money laundering and combating the financing of terrorism (AML/CFT) system of the Union of the Comoros was based on the 2003 Forty Recommendations and the 2001 Nine Special Recommendations developed by the FATF (Financial...
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| Format: | Country Financial Accountability Assessment |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2010/03/16447465/union-comoros-detailed-assessment-report-anti-money-laundering-combatting-financing-terrorism http://hdl.handle.net/10986/12735 |
| Summary: | The assessment of the anti-money
laundering and combating the financing of terrorism
(AML/CFT) system of the Union of the Comoros was based on
the 2003 Forty Recommendations and the 2001 Nine Special
Recommendations developed by the FATF (Financial Action Task
Force). It was prepared according to the 2004 AML/CFT
Methodology, as updated in October 2008. The assessment was
based on laws, regulations, and other documents provided by
the Union of the Comoros, as well as information gathered by
the assessment team during its on-site visit of May 6-20,
2009 and following the mission. During the course of its
visit, the assessment team met with leaders and
representatives from competent governmental agencies and the
private sector. The assessment was performed by a team made
up of International Monetary Fund (IMF) staff, an expert
acting under the supervision of the IMF, and an expert
acting under the supervision of the World Bank. The
participants in this assessment were Emmanuel Mathias (LEG,
mission chief), Chady El Khoury (LEG), Habib Hitti (expert
under the supervision of the LEG), and André Cuisset (expert
under the supervision of the World Bank). The experts
analyzed the institutional framework, laws, regulations,
guidelines, and obligations with respect to AML/CFT, as well
as the regulatory system or other systems in effect to
combat money laundering and terrorist financing within
financial institutions and DNFPBs . The adequacy,
implementation, and effectiveness of all these mechanisms
were also evaluated. This report provides a summary of the
AML/CFT measures in effect in the Union of the Comoros on
the date of or shortly after the on-site visit. It describes
and analyzes these measures, indicates the level of the
Union of the Comoros compliance with the 40 + 9 FATF
Recommendations (See Table 1), and makes recommendations on
measures to be taken to strengthen certain aspects of the system |
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