|Compliant (C): the Recommendation is fully observed with respect to all essential criteria.|
Largely compliant (LC): there are only minor shortcomings, with a large majority of the essential criteria being fully met.
Partially compliant (PC): the country has taken some substantive action and complies with some of the essential criteria.
Non-compliant (NC): there are major shortcomings, with a large majority of the essential criteria not being met.
Not applicable (NA): a requirement or part of a requirement does not apply, due to the structural, legal or institutional features of a country.
|FATF 40+9 Recommendations and Ratings||Key Assessor Recommendations|
|Legal System and Related Institutional Measures|
|Criminalization of Money Laundering|
Criminalize human trafficking and smuggling of migrants, trafficking in stolen goods, environmental crimes, kidnapping, illegal restraint and hostage taking, smuggling, piracy, insider trading and market manipulation.
Expand the criminalization of trafficking in narcotics and psychotropic substances, and participation in organized crime to include all the material elements in accordance to the standards.
Expand the money laundering offense to assisting, facilitating, and advising in its commission.
|Criminalization of Terrorist Financing|
Criminalize terrorism financing in accordance with the 1999 United Nations Convention for the Suppression of the Financing of Terrorism.
|Confiscation, freezing, and seizing of proceeds of crime|
Ensure that law enforcement authorities and the FIU have adequate powers to detect and trace the origin of property.
|Freezing of funds used for terrorist financing|
Effectively implement mechanisms for the freezing funds or other assets pursuant to UNSCR 1267 and 1373.
|The Financial Intelligence Unit and its functions|
Allow the FIU to receive, analyze, and transmit suspicious transaction reports and other information concerning funds suspected of being related to terrorist financing.
Ensure access to information by the FIU.
Ensure the independence and operational autonomy of the FIU.
Publish periodic reports including statistics.
Consider seeking membership to the Egmont Group and take its principles into consideration.
|Law enforcement, prosecution and other competent authorities|
Empower authorities responsible for the investigation of ML, FT and underlying predicate offenses to conduct searches for financial documents or other information.
Ensure effective articulation of the investigative missions recently granted to the FIU with the ones of existing investigative units.
|Cross Border Declaration or disclosure|
Implement requirements for declaring the cross-border transportation of currency and other monetary instruments.
Authorize customs authorities to request and obtain from the carrier information regarding the origin of the currency or bearer negotiable instruments, and their intended use, upon discovery of a false declaration..
Make collected information available to the FIU.
Put in place effective, proportionate, and dissuasive sanctions for persons who make a false declaration.
|Preventive Measures: Financial Institutions|
|Risk of money laundering or terrorist financing|
Introduce preventive measures for insurance companies.
|Customer due diligence (CDD), including enhanced or reduced measures|
Require CDD with regard to numbered accounts and ongoing due diligence.
Limit the application of simplified due diligence measures, whether with respect to customers residing in foreign countries or in the case where money laundering or terrorist financing is suspected.
Introduce implementing regulations regarding:
- The time frame for cumulating what appear to be linked transactions into a single one carried out by an occasional customer.
- Reasonable measures for verifying the identity of the beneficial owner.
- Classification of high-risk clients.
- Cases where reduced or simplified measures should be applied.
- Appropriate times to conduct due diligence measures for existing clients.
Accelerate the issuance of biometric passports in order to halt the circulation of regular passports that can be falsified and used to open bank accounts. Ensure a reliable and accessible source for identifying legal persons.
Require financial institutions to determine whether the beneficial owner of an account is a politically exposed person (PEP), to be defined in line with the standard, and require financial institutions to obtain authorization from senior management in order to continue a business relationship with an existing client that is subsequently found to be a PEP.
Require financial institutions to satisfy themselves of the relevance and effectiveness of the controls put in place by the correspondent bank before entering into a correspondent banking relationship.
Regulate non-face to face business relationships.
|Third parties and introduced business|
Regulate reliance on intermediaries or other third parties to perform the CDD process or to introduce business.
|Financial institution secrecy or confidentiality|
Eliminate obstacles to information sharing between competent national authorities and financial institutions.
Review the cross-referencing in the 2009 ordinance so that banking secrecy does not inhibit its implementation.
|Record keeping and wire transfer rules|
Require records to be kept for at least five years after transactions are completed.
Require (i) full originator information to be included in the message accompanying cross-border transfers, and (ii) at least the account number to be included in the message for domestic transfers.
Require the beneficiary’s financial institution to adopt effective procedures based on a risk assessment in order to identify and deal with transfers that are not accompanied by full information on the originator.
Put appropriate measures in place to monitor effectively the compliance with regulations on wire transfers.
|Monitoring of transactions and relationships|
Eliminate the current threshold for monitoring complex and unusual transactions and ensure that reviews of such transactions are available to auditors.
Advise financial institutions on countries with weaknesses in their AML/CFT system.
Review the 2009 ordinance to clarify that countermeasures have to be decided by the government of the Comoros and not by financial institutions.
|Suspicious transaction reports and other reporting|
Clarify the framework for reporting suspicions in order to remove the ambiguities created by the wording of Article 21 of the 2009 Ordinance.
Extend the requirement to report transactions to all funds suspected of being linked or related to or to be used for terrorism, terrorist acts or by terrorist organizations or those who finance terrorism.
Require the reporting of suspicious attempted transactions.
Repeal Anjouan’s AML law dated January 10, 2005.
Study the feasibility and usefulness of a system for reporting currency transactions.
Develop and disseminate reporting guidelines and provide feedback to financial institutions and DNFBPs on detecting and reporting suspicious transactions.
|Internal controls, compliance, audit and foreign branches|
Require financial institutions to establish internal AML/CFT policies and procedures.
Require financial institutions to ensure timely access to necessary information by the compliance officer.
Ensure independence of internal control mechanisms.
Require financial institutions to ensure that, if they decide to establish foreign branches or subsidiaries abroad, these entities must apply AML/CFT measures in compliance with Comorian law and the FATF recommendations.
Review the licensing process in order to prevent the establishment and operation of shell banks.
Prohibit financial institutions from maintaining relationships with shell banks.
Require that financial institutions take reasonable measures to satisfy themselves that their correspondent banks do not themselves maintain relationships with shell banks.
|Supervisory and oversight system-competent authorities and SROs Role, functions, duties and powers (including sanctions)|
Establish effective, proportionate and dissuasive monetary sanctions for banks and financial institutions.
Introduce requirements for licensing of insurance companies, and the registration of foreign exchange offices.
Ensure enforcement of the banking law with respect to financial activities currently performed without authorization.
Strengthen on-site supervision and put in place documentary controls.
Establish guidelines in the area of AML/CFT to help financial institutions and designated non-financial businesses and professions implement and comply with their respective AML/CFT obligations.
|Money value transfer services|
Establish licensing requirements for money transfer services.
Address the deficiencies identified with respect to CDD, record-keeping, and supervision and regulation.
Maintain an updated list of money transfer service operators.
|Preventive Measures: Non-Financial Businesses and Professions|
|Customer due diligence and record-keeping|
Publish the implementing regulations with respect to casinos and traders in precious stones and metals.
Expand CDD requirements.
Introduce requirements with respect to PEPs.
Take measures with respect to new technologies that may facilitate customer anonymity, and to relationships that not involving the physical presence of the customer.
Establish record-keeping requirements.
Make results of reviews of complex and unusual transactions available to auditors.
|Suspicious transaction reporting|
Publish the implementing regulations with respect to traders in precious stones and metals.
Clarify the framework for reporting suspicions to remove the ambiguities caused by the wording of Article 21 of the 2009 Ordinance.
Explicitly require the reporting of suspicions of terrorist financing.
Require the reporting of suspicious attempted transactions.
Undertake actions to strengthen the knowledge of entities subject to AML/CFT requirements with respect to their STR obligations.
|Regulation, supervision, monitoring, and sanctions|
-Designate a regulatory authority for casinos on the subject of AML/CFT.
-Put in place administrative sanctions for failure to comply with CDD requirements.
-Establish measures to prevent criminals or their accomplices from taking control of a casino.
-Establish administrative sanctions with respect to DNFBP failures to meet their obligations in the area of AML/CFT.
-Organize, regulate, and supervise accountants, traders in precious metals and stones, and real estate agents.
-Include AML/CFT powers in bar association advisory missions.
-Organize and supervise the activities of notaries with respect to AML/CFT.
-Develop and distribute reporting guidelines and provide reporting entities feedback on STRs.
|Other designated non-financial businesses and professions|
Assess whether other non-financial businesses or professions present a risk of money laundering or terrorist financing and, if so, make them subject to AML/CFT preventive measures.
Encourage the development of modern and secure techniques for conducting financial transactions.
|Legal Persons and Arrangements & Nonprofit Organizations|
|Legal Persons-Access to beneficial ownership and control information|
Repeal the 2005 Anjouan Company Law.
Create a national register for the registration of companies and other legal persons, or any other mechanism that would ensure transparency.
Put in place measures to facilitate timely access to beneficial owner information.
Prevent joint stock companies formed with bearer shares from being misused by money launderers.
|Legal Arrangements-Access to beneficial ownership and control information|
Ensure that there is no longer a legal framework in effect in Anjouan for establishing trusts without adequate transparency requirements.
Adopt a specific legal framework for NPOs that includes adequate regulatory provisions on the operational, administrative, and financial transparency of NPOs in national territory, on supervisory methods, and on access to accounting documents by Comorian supervisory authorities, and provide effective methods for implementing such administrative measures.
Develop an information campaign for NPOs to raise the awareness of their management and employees regarding terrorist financing.
|National and International Cooperation|
|National cooperation and coordination|
Ensure effective implementation of domestic cooperation.
|The Conventions and UN Special Resolutions|
Ratify additional protocols to the United Nations Convention Against Organized Transnational Crime.
Transpose into domestic law the relevant provisions of the Vienna and Palermo conventions, as well as the Terrorist Financing Convention and relevant UNSCRs.
|Mutual Legal Assistance|
Introduce mechanisms to enable the provision of assistance in a timely, constructive, and effective manner.
Establish arrangements allowing the coordination of seizure and confiscation actions with other countries.
Introduce rules to provide that professional secrecy cannot be invoked to deny a foreign request for assistance.
Allow for the provision of mutual legal assistance involving nonintrusive measures even in the absence of dual criminality.
Provide mechanisms so that determinations can be made as to the most appropriate venues for criminal prosecution.
Set up a fund to combat organized crime or drug trafficking to which confiscated funds or property can be allocated.
Ensure that technical differences between the laws of Comoros and the requesting state do not constitute an impediment to extradition proceedings.
Define the FT in line with the 1999 Terrorist Financing Convention in order to expand the scope of assistance to other countries.
|Other Forms of Cooperation|
Authorize supervisors to cooperate with their foreign counterparts.
Authorize competent authorities to conduct inquiries on behalf of their foreign counterparts and ensure that the information received is used only in an authorized manner.
Allow spontaneous exchange of information in relation to both money laundering and the underlying predicate offenses.
Allow the FIU to conduct inquiries on TF on behalf of its foreign counterparts.
|Resources & Statistics|
Grant premises, staff, training and ongoing budget to the FIU. Develop, and increase skills of supervisors, judicial authorities and law enforcement authorities involved in the prevention and suppression of ML/FT.
Allocate additional resources for the implementation of on-site and offsite supervision.
Develop the statistical apparatus on existing information (ongoing investigations, prosecutions, convictions). Once the AML/CFT framework is be implemented, statistics will be required regarding freezing and confiscation, STRs, AML/CFT supervision, and domestic and international cooperation.