FATF Status

The Comoros is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

It should be noted that the new style FATF Mutual Evaluation has not yet been undertaken. 

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Comoros was undertaken by the Financial Action Task Force (FATF) in 2011. According to that Evaluation, Comoros was deemed Compliant for 0 and Largely Compliant for 4 of the FATF 40 + 9 Recommendations. It was Partially Compliant or Non-Compliant for all 6 of the Core Recommendations.

The IMF report emphasizes the importance of implementing the recently adopted anti-corruption law, which enhances asset declaration frameworks and empowers the Anti-Corruption Chamber (ACC) to enforce compliance. While the law improves transparency by allowing citizens access to asset declarations, challenges remain due to restrictions on publication without consent. Additionally, ongoing reforms include the establishment of an online tender management system for public contracts and an assessment of the Central Bank of Comoros, which aims to improve transparency and operational capacity.

The economy of Comoros is primarily small and trade-based, heavily reliant on agriculture, particularly the export of spices like vanilla and cloves. Remittances from the diaspora contribute significantly to the economy, accounting for approximately 20% of GDP, while the labor force is predominantly engaged in agriculture, which is a major component of the country's GDP and employment.

The investment climate in Comoros is hindered by inadequate infrastructure and educational resources, which are crucial for attracting foreign investment. However, the country is a member of the Organisation for the Harmonisation of Business Law in Africa (OHADA), promoting a more favorable business environment. The government is also focused on privatizing state-owned enterprises and enhancing tourism to diversify the economy.