Licensing and supervision of international finance in Anjouan

Legal basis and jurisdiction

The Authority derives its mandate from the autonomous status of the Island of Anjouan (Ndzuwani) within the Union of the Comoros and from the island's own legislation. The Offshore Finance Authority Act 003 of 2005 constitutes the Authority and charges it with the administration and supervision of Anjouan's offshore legislation, including the International Banks Act, the International Business Companies Act and the International Insurance Act of 2005.

The Authority's competence is confined to international, non-resident business conducted from Anjouan. It does not license domestic banks, does not regulate the domestic financial system of the Union of the Comoros, and exercises no monetary or central-banking function. Those functions rest with the national institutions of the Union. Entities licensed by the Authority operate on an offshore, non-resident basis and are recorded on the public register maintained on this site.

Legal constitution

The Anjouan Offshore Finance Authority is a body corporate with perpetual succession and a common seal. It carries primary responsibility for the administration and supervision of the island's offshore legislation, and it may sue and be sued in its own name.

The Authority Board

The Authority is governed by the Authority Board, its board of directors, which makes every decision falling to the Authority. The Board consists of five members: four appointed by the President of the State, and the Director General of Finance and Planning, who sits ex officio. The Offshore Finance Inspector sits as an ex officio member without a vote.

No member may sit in the House of Assembly or hold ministerial office, and each must be a citizen of the State. Members hold the office of director for two years and are eligible for reappointment. Parliament appoints the Chairman from among the members, and the Board appoints a Secretary who is not a member of the Board.

The Offshore Finance Inspector

The Offshore Finance Inspector is appointed by the Authority with the prior approval of Parliament and is an employee of the Authority. Subject to the Board, the Inspector manages the day-to-day business of the Authority, holds custody of the common seal, and may signify the decisions of the Authority under hand.

The Registrar of International Business Companies

Incorporation and registration of international companies fall to the Registrar of International Business Companies. The Authority oversees the Registrar's activities and hears appeals from the Registrar's decisions. Fees, fines and penalties are remitted to the Consolidated General Fund.

Ministerial oversight and accountability

The Minister for Finance, after consultation with the Authority, may make rules for the carrying into effect of the Act, and the Board's by-laws are prepared by the Minister and approved by Parliament. The Authority's revenues and expenses are subject to audit under the State's normal procedures for public bodies. Board members carry statutory immunity for acts done in good faith in execution of the Act.

Founding and government endorsement

The Authority's enabling statute is the Offshore Finance Authority Act, in force as Act 003 of 2005. The Ministry of Finance and Budget of the Union of the Comoros confirmed the Act, and the Director's authority to appoint an exclusive marketing and registered agent, by attestation dated 11 December 2004 (reference N° 04-467/MFB/CAB), signed at Moroni by the then Minister of State for Finance and Budget, Ahamadi Abdoulbastoi.

Registered agent

Licence applications are submitted through a registered agent licensed under the Registered Agent Licensing Act. The Authority's appointed marketing and registered agent is Anjouan Corporate Services Ltd. Any party that is neither the Authority nor its appointed agent and that purports to issue Anjouan licences should be treated with caution and checked against this register.

Statutory duties

The Authority holds the ultimate authority and exclusive right to license, supervise and regulate international banking companies; to appoint and supervise the Offshore Finance Inspector; to oversee the Registrar of International Business Companies and hear appeals; to represent the reputation of the State in international financial markets; and to propose and implement regulations.

Conditions of a licence

A licence is granted subject to continuing conditions. Licensees must conduct the licensed business within its terms, maintain the governance the class of licence requires, and notify the Registrar or the Authority of any change in directors, shareholders or share capital. Insurance licensees file audited accounts with the Commissioner of Insurance on renewal. Conditions may be amended by the Registrar of International Business Companies.

Continuing supervision

Supervision does not end at grant. The Authority monitors compliance with licensing conditions and with anti-money-laundering obligations. The anti-money-laundering Supervisory Authority may enter the premises of a licensed institution during working hours, inspect business-transaction records, and put questions relevant to those records.

Enforcement

A licensee that fails its obligations faces financial penalties and the suspension or revocation of its licence. An institution that fails to report suspicious transactions may have its licence suspended or revoked by the Supervisory Authority after consultation with the Minister of Finance. A person convicted of a prescribed offence, in Anjouan or elsewhere, may not hold a financial-institution licence.

Fees

All fees, fines and penalties payable under the offshore legislation are paid to the Consolidated General Fund and remitted by the Registrar. Current fee schedules are issued through the Authority's appointed registered agent.

1. Incorporate

Incorporate an International Business Company under the International Business Companies Act 004 of 2005 through a licensed registered agent.

2. Prepare due diligence

Assemble full identification on every beneficial owner, director, manager, authorised signatory and shareholder: certified passports, proof of address, curricula vitae, bank and professional references, and the corporate structure.

3. Submit the application

The registered agent submits the prescribed application form and the due-diligence file to the Authority for the relevant class of licence.

4. Assessment and grant

The Authority conducts a fit-and-proper assessment of the persons who will conduct the business. On approval the licence is issued and the entity is entered on the public register.

The offence and the penalties

Money laundering is a criminal offence, as are attempting, aiding, abetting or conspiring to commit it. Where the offence is committed by a body corporate, its directors, managers and officers are personally liable unless they prove due diligence. Conviction carries a fine of between USD 200,000 and USD 1,000,000 and imprisonment for seven years. Tipping off, and the falsification or destruction of records, are separate offences.

The Supervisory Authority

The Minister of Finance appoints the Supervisory Authority, being the Governor of the Bank of Comoros or another fit-and-proper person. It receives suspicious-transaction reports, refers matters to law enforcement where there are reasonable grounds, inspects institutions, issues guidelines, mandates training and compiles statistics.

Obligations of licensed institutions

Every licensed institution must identify and verify each party to a transaction, including nominees, agents and beneficial owners; keep business-transaction records for six years; pay special attention to complex, unusual or large transactions; and report suspicions promptly to the Supervisory Authority. Reporting in good faith is protected from liability. An institution that fails to report faces a fine and the suspension or revocation of its licence.

Investigation, freezing and forfeiture

The Supervisory Authority and law enforcement may obtain search warrants, property-tracking and monitoring orders, and mandatory injunctions against non-compliant institutions and their officers. On conviction the courts order the forfeiture of the proceeds and instrumentalities of crime, and may freeze property pending charge, in each case subject to the rights of bona fide third parties.

International cooperation

The courts and the competent authority cooperate with foreign authorities to identify, trace, freeze, seize and forfeit criminal property, to recognise foreign forfeiture orders, and to provide mutual legal assistance, including documents, testimony, searches and provisional measures. Bank secrecy is not an impediment. Money laundering is an extraditable offence. Cross-border assistance is given under bilateral and multilateral mutual-assistance treaties.

Purpose of this website

This website is provided for public information and for the verification of licences. The register reflects the records held by the Authority and is updated periodically. Where the official gazette and this website differ, the gazette prevails.

No advice, no solicitation

Nothing on this website is an offer, a solicitation or financial advice. The grant of a licence by the Authority is not an endorsement of a licensee, its management or its products.

Verification and reliance

A verification result reflects the status recorded at the time of the query. The Authority gives no warranty as to the conduct of any licensee and accepts no liability for reliance placed on dealings with a licensee.

Intellectual property

The name, the seal and the contents of this website are protected. The legislation is reproduced for public information and remains the law of the State.

Privacy

This is a static website. It collects personal data only where you submit the complaints or enquiry form - your name, email address and the details you provide - and uses that data solely to handle your submission. The data is not sold, and is not shared except as required by law or for enforcement. The site sets no advertising or tracking cookies.

Contact

Enquiries and complaints may be made through the forms on this site. The Authority's registered location is Mutsamudu, Autonomous Island of Anjouan (Ndzuwani), Union of the Comoros.

Observance of international principles

Beyond the law of Anjouan, the Authority has regard to the published principles of the principal international standard-setters as benchmarks for its framework and its supervision. Adherence to a standard does not depend on membership of the body that sets it: the Authority applies these benchmarks as a matter of practice.

Alignment with the FATF standards

The Money Laundering (Prevention) Act 2005 gives effect to the international standard set by the Financial Action Task Force. Its requirements track the FATF Forty Recommendations across preventive measures, the transparency of beneficial ownership, the powers of competent authorities and international cooperation. The Authority supervises its licensees against that framework.

Customer due diligence and correspondent banking

Licensees must identify and verify every customer and apply customer due diligence consistent with internationally recognised standards, including the financial-crime principles published by the Wolfsberg Group. Institutions engaged in cross-border business are expected to complete the Wolfsberg Correspondent Banking Due Diligence Questionnaire at the request of a correspondent.

International cooperation and information exchange

The law of Anjouan provides for mutual legal assistance, the exchange of information with foreign authorities, and the recognition and enforcement of foreign forfeiture orders. Statutory secrecy is no impediment to a lawful request. The Authority cooperates with overseas supervisors and law-enforcement agencies through these gateways and is open to bilateral information-sharing arrangements.

Sanctions

Licensees must screen against the sanctions measures of the United Nations and any other regime applicable to their business, and act on a match without delay.

Beneficial ownership

The identification of beneficial owners is mandatory, including where a customer acts through a nominee, an agent or an intermediary. Records are retained for not less than six years and are available to the competent authorities.

Virtual assets

Licensees conducting virtual-asset business are expected to apply the FATF travel rule, transmitting originator and beneficiary information with qualifying transfers, in line with Recommendation 16.

Securities and insurance supervision

For brokerage and securities business, the Authority's expectations have regard to the IOSCO Objectives and Principles of Securities Regulation. For insurance and reinsurance, they have regard to the Insurance Core Principles of the International Association of Insurance Supervisors. These published standards serve as benchmarks for the conduct, governance and prudential expectations placed on licensees.