CIRCULAR LETTER NO. 005/2009/ COB/UNION DES MECKS

Circular Letter regarding money transfer operations between the Union of the Comoros and abroad, carried out by the Union des Mecks.

Having regard to the framework law No. 80-08 of May 3, 1980, relating to currency and the role of the Central Bank of the Comoros in the supervision 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 of January 16, 1987, regulating financial relations between the Comoros and abroad;

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

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

Having regard to Order No. 05-92/MFB/CAB approving the Union des Mecks and its affiliated Institutions dated October 18, 2005;

Having regard to Instruction No. 012/2004/COB relating to the limitation of operations authorized as ancillary to Decentralized Financial Institutions, particularly Article 1 thereof;

Article 1

The Meck network is authorized to perform money transfer operations between the Union of the Comoros and abroad at its counters in partnership with MoneyGram.

Article 2

Money transfer operations between the Union of the Comoros and abroad, carried out by the Union des Mecks, are limited to 1,000,000 FC (1 million Comorian Francs) per operation and per person.

Any fund transfer exceeding an amount of 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

The Union des Mecks must justify the nature of these operations at all times and must provide the Central Bank with the corresponding statistics, in accordance with foreign exchange regulations.

Moroni, August 14, 2009

The Vice-Governor,
Mzé Abdou MOHAMED CHANFIOU