Comoros Central Bank Regulatory Texts 2008

CIRCULAR No. 005/2008/ COB ................................... Circular regarding Euro sales operations carried out by the Meck network ...................................

Having regard to the Framework Federal Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of Banks and Financial Institutions;

Having regard to Law No. 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Decree No. 04-069/PR regulating the activity of Decentralized Financial Institutions, particularly Article 34;

Having regard to Decree No. 87-005/PR, regulating Financial relations between the Comoros and foreign countries;

Having regard to Ordinance No. 03-002/PR, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

And in application of Article 4 of Instruction No. 2 of February 17, 1987, taken in application of Decree No. 87-005/PR regulating relations between the Comoros and Foreign countries.

Article 1 The Meck Union is authorized to sell foreign currency to travelers leaving the territory of the Union of the Comoros, up to a value of 750,000 FC (seven hundred fifty thousand Comorian francs), upon presentation of supporting documents (ticket and passport).

Article 2 The Meck Union must justify at all times the nature of these operations and must provide the BCC with the corresponding statistics, in accordance with exchange regulations and the model attached as an annex.

Article 3 This circular enters into force as of January 1, 2008.

Moroni, December 24, 2008

The Governor, AHAMADI ABDOULBASTOI

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CIRCULAR LETTER No. 03/2008/ COB/EXIM BANK ................................... Circular Letter regarding money transfer operations between the Union of the Comoros and Foreign countries, carried out by Exim Bank-Comoros. ...................................

Having regard to the Framework Federal Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of Banks and Financial Institutions;

Having regard to Law No. 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Decree No. 87-005/PR, regulating Financial relations between the Comoros and foreign countries;

Having regard to Ordinance No. 03-002/PR, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Having regard to Circular No. 001/2007/COB relating to the approval of the Bank "Exim Bank-Comoros";

Having regard to Circular No. 001/2008/COB, relating to the appointment of Exim Bank-Comores as an approved intermediary for financial relations between the Union of the Comoros and Foreign countries;

Article 1 Money transfer operations between the Union of the Comoros and Foreign countries, carried out by Exim Bank-Comoros, are limited to 1,000,000 FC (one million Comorian francs) per operation and per person.

Any transfer of funds exceeding 1,000,000 FC (one million Comorian francs) is subject to prior authorization from the Central Bank, in accordance with ANNEX 1 attached hereto.

Article 2 Exim Bank-Comoros must justify at all times the nature of these operations and must provide the Central Bank with the corresponding statistics, in accordance with exchange regulations.

Moroni, August 12, 2008

THE GOVERNOR, AHAMADI ABDOULBASTOI

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CIRCULAR LETTER No. 021/2008/ SP ................................... Circular Letter regarding EXIM BANK Cheques ...................................

Having regard to the Framework Federal Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of Banks and Financial Institutions;

Having regard to Law No. 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Decree No. 87-005/PR regulating Financial relations between the Comoros and foreign countries;

Having regard to Decree No. 05-105/PR regulating cheques;

Having regard to Ordinance No. 03-002/PR relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Article 1 Cheques drawn on Exim Bank not containing the following mandatory mentions:

• Designation of the cheque
• Indication of the place where payment must be made
• Indication of the place where the cheque is created.

Are authorized for a transitional period to be accepted for payment.

"The place designated next to the name of the drawee is deemed to be the place of payment, and that indicated next to the name of the drawer is considered as the place of its creation." (Paragraphs 1, 2, and 3 of Article 3 of Decree No. 05-105/PR)

Article 2 This transitional period will end on December 31, 2009, at which date, cheques drawn on Exim Bank must include all mandatory mentions, as well as the standard format of cheques.

Moroni, May 21, 2008

The Governor, Ahamadi ABDOULBASTOI

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CIRCULAR LETTER No. 001/2008/ COB ................................... Circular Letter regarding the appointment of Exim Banque-Comores as an approved intermediary for financial relations between the Union of the Comoros and foreign countries ...................................

Having regard to Law No. 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of Banks and Financial Institutions;

Having regard to Decree No. 87-005/PR, regulating Financial relations between the Comoros and foreign countries;

Having regard to Ordinance No. 03-002/PR, relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Having regard to Circular Letter No. 001/2007/COB, approving the Bank "Exim Banque-Comores";

Article 1 The bank "Exim Banque-Comores" is approved in the capacity of intermediary for all foreign exchange operations, capital movements, and settlements of any nature between the Union of the Comoros and foreign countries, or within the Union of the Comoros, between a resident and a non-resident.

Article 2 For all operations carried out through its intermediation or placed under its control, the approved intermediary is responsible for ensuring, under its own responsibility, compliance with the provisions issued by Decree No. 87-005/PR and by the texts taken in its application.

Article 3 This Circular Letter is revocable at any time.

Moroni, May 26, 2008

The Vice-Governor, Mzé Abdou Mohamed Chanfiou

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CIRCULAR LETTER No. 022/2008/SP ................................... Circular Letter regarding the confiscation of doubtful banknotes ...................................

Having regard to the Framework Federal Law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the control of Banks and Financial Institutions;

Having regard to Law No. 80-07 of June 26, 1980, regulating Banks and Financial Institutions;

Having regard to Decree No. 87-005/PR regulating Financial relations between the Comoros and foreign countries;

Having regard to Ordinance No. 03-002/PR relating to money laundering, confiscation, and international cooperation regarding proceeds of crime;

Article 1 Doubtful banknotes (or presumed counterfeit) presented at the counters of banks and financial institutions on the premises must be compulsorily confiscated for authentication with the Central Bank of the Comoros against the issuance of a certificate.

Article 2 This certificate must mention the following information:

• The identity of the person holding the doubtful banknote(s) (name, first name, address)
• The banking coordinates of the person (account number, ....)
• The series number(s) of the presumed counterfeit notes.

Annex 1 indicates the format of a model certificate.

Article 3 This certificate must be handed to the presenter of the doubtful banknote. A second copy accompanies the doubtful banknote(s) for authentication at the Central Bank of the Comoros.

Article 4 Once authenticated, banknotes recognized as counterfeit will be kept and destroyed by the Central Bank; banknotes authenticated as genuine will be exchanged up to the amount paid and credited to the account of the depositing Bank or financial institutions.

Moroni, May 21, 2008

The Governor, Ahamadi ABDOULBASTOI