Regulatory Alerts2012-01-01
Law No. 12-008/AU on the Fight Against Money Laundering and the Financing of Terrorism
The President of the Union of the Comoros promulgated Law No. 12-008/AU to establish a comprehensive legal framework for combating money laundering and the financing of terrorism. The legislation defines key offenses, including money laundering, terrorist acts, and organized crime, while imposing strict obligations on financial institutions and designated non-financial businesses and professions. It mandates customer due diligence, suspicious transaction reporting, and cash transaction limits to ensure national compliance with international anti-money laundering standards.
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