Do we have any resource in here explaining the story behind Comoros? I don't know anything and would like to learn
It's a long story and some parts are not very well documented.
Comoros is a fragile union of three islands: Anjouan, Mwali, and Grande Comore. None of the offshore legislation being promoted as being Comorian is federal law and it's unclear how much autonomy each island has. Several armed conflicts have been fought with the African Union having to step in as peacekeepers.
By the late 1990s, hundreds of banks were licensed in Anjouan. These banks were little more than criminal operations. A bank license could be had for just a few thousand dollars. It was absolutely lawless to a degree that would make even Caribbean bankers of the time blush.
They plus the banks in
Nauru and the dealings around 9/11 are what eventually unleashed
FATCA and
CRS/AEOI, and gave FATF and its subsidiaries enormous influence. By the mid 2000s, the party was over for banking in Comoros.
But the old laws are still there (in Mwali, I think Anjouan repealed their laws), albeit with very minor changes. It's still unclear if the laws are valid. The central bank of Comoros has issued a few statements over the years condemning or warning against banks regulated under these laws, saying they are not Comorian banks. But it's still possible to get a bank license there and with the right connections, it's possible to set up a fragile network of quasi correspondent accounts. If the bank shuts down and takes your money, you have no recourse.
The uncertainty in laws have also made things difficult for some people who have incorporated companies in Anjouan or Mwali. It's nearly impossible to get certified documents or verify that companies even exist.
It has also been possible to buy Comorian
citizenship for as little as 40,000 USD. This caused a flood of Comorian citizenships being granted to people who would not pass more thorough background checks.
There is much more to it than this but I couldn't find any good articles about it. I might've got some details wrong but that's the gist of it.
