Finance Law in Comoros
The Union of the Comoros, an island nation in the Indian Ocean, has established a financial legal framework aimed at regulating and supervising its financial sector to ensure stability and compliance with international standards.
Key Regulatory Authorities:
Central Bank of the Comoros (Banque Centrale des Comores - BCC): As the sole monetary authority, the BCC exclusively issues currency and oversees the financial sector. citeturn0search13
Comoros International Banking Authority (CIBA): CIBA is responsible for issuing banking licenses and regulating offshore banking activities within the Comoros. citeturn0search1
Comoros Finance Commission: This body oversees the issuance of various financial licenses, including those for insurance and brokerage services. citeturn0search1
Financial Sector Structure:
The financial sector comprises several banks, a postal bank, microfinance institutions, and financial intermediaries. The BCC regulates and supervises these entities to ensure compliance with financial standards and stability. citeturn0search0
Recent Developments:
The Comoros has been working to enhance its financial regulatory framework, including measures to combat money laundering and the financing of terrorism. The BCC has implemented specific regulations and established a Financial Intelligence Unit (FIU) to strengthen oversight. citeturn0search6
Island Autonomy and Financial Regulation:
Each island within the Union of the Comoros has a degree of autonomy, including in financial matters. For instance, Mohéli island has its own financial sector, regulated by its internal legislation, separate from the BCC's oversight. citeturn0search9
In summary, the financial legal framework of the Comoros is structured to regulate and supervise its financial institutions, with the BCC serving as the primary authority. While there is a centralized regulatory approach, certain islands exercise autonomy over their financial sectors, contributing to the complexity of the national financial system.
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