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Comoros is struggling against washing money and financing terrorism June 20, 2009

Posted by iogateway in Law.
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29th of may 2009 the comorian government adopted a new law in order to struggle against washing money and financing terrorism. Union of comoros just adapted and adopted international standards in accordance with its treaties.

Financial regulation: more authority to the Central bank of comoros – Banque Centrale des Comores June 20, 2009

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Due to the global financial crisis, comorian assembly has increased the power of the first national financial institution: banque centrale des comores. Central bank of comoros will be in charge of:

- controlling, improving governmental standards, reinforcing financial transparency, clarifying banking missions statments in terms of moneraty policy, setting up regulation to the banking and insurance sectors and struggling washing money. 2 others state departments will reinforce internal regulation by creating 2 positions secretaries in charge of regulation and auditing.  The governor could be audited by the assembly.

- controlling, improving governmental standards, reinforcing financial transparency, clarifying banking missions statments in terms of moneraty policy, setting up regulation to the banking and insurance sectors and struggling washing money. 2 others state departments will reinforce internal regulation by creating 2 positions secretaries in charge of regulation and auditing.  The governor could be audited by the assembly.

OHADA- Business law – 16 countries harmonized their business laws package June 20, 2009

Posted by iogateway in Investor Guide, Law.
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Since the last november 16 countries agreed to harmonize their business laws.


Benin
Burkina Faso
Cameroon
Central African Republic

Comoros
Congo
Ivory Coast
Gabon

Guinea
Bissao Guinea
Equatorial Guinea
Mali

Niger
Senegal
Chad
Togo

RDC (Adhésion en cours)
la création de la commission de normalisation comptable
l’élaboration, l’harmonisation et l’actualisation des normes comptables par rapport aux normes Ias, Iferes’
la coordination et la synthèse des recherches théoriques et méthodologiques relatives à la normalisation comptable et à l’application des règles comptables et d’élaborer tout projet de reformes des règles comptables et projet de normes comptables sectorielles
le seul cabinet ‘‘3A Comores’’ [/i]ouvert ‘‘[i]à toutes les difficultés du monde à se maintenir, obligé de réduire nos activités estimant que l’environnement est dissuasif’’, aussi bien au niveau de l’administration fiscale que du système bancaire.
Il lance un appel pour que ‘‘l’Etat Comorien crée un environnement favorable à l’installation et au développement de plusieurs cabinets d’expertise comptables[/i]’’, en adoptant ‘‘[i]dans leur politique économique, une vision fiscale claire aussi bien au niveau fédéral qu’au niveau insulaire[/i]’’. “[i]Le développement des Comores est indissociable de la ratification de ces diverses conventions internationales[/i]” car elle “[i]oblige l’Etat à respecter certaines choses, à faire preuve de convergence macroéconomique en termes uniformisation du droit et à respecter des nomes communément admises en termes de déficits budgétaires, de maîtrise de l’inflation et de bonne gouvernance

Missions statements are:

-  creating accounting normalization commissiong

- eloborating, hormonizing and updating accounting standards regarding the Ias, Iferes standards.

- Coordinating cutting edge methods in relation with sectorial accounting standards.

3A Comores – comorian accounting structure advises the comorian government to encourage accounting companies to set up in, to complete the business legislation in accordance with its international agreements in order to tackle inflation (4,5 % in 2008) and set up best practices in terms of better governance.

Competition in comorian IT is welcome May 26, 2009

Posted by iogateway in Business Opportunities, Digital Economy, Law.
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Opening comorian IT sector to competition
Since october 2007, Union of Comoros is full membrer of World Trade Organization. After the liberalization and privatisation of the comorian banking sector, change has come also to comorian Information and Technology sector. In 1997 a law has started the liberalization, privatisation and denationalization of the national company specialized in postal and telecoms activities SNPT (societé nationale des postes et telecommunications). The ancient company is splited by two new ones: Comores Telecom first telecoms operator and SNPSF specialized on postal and financial activities. The objective was to break up the monopoly and decrease high prices.
COMESA and Indian Ocean Commission have supported the government to legislate the IT sector and integrate the global market. In July 2007, a presidential task force is created in order to set up the Information Communication Autority of regulation.
23rd of may 2009, new decree is edicted by the comorian government to confirm the liberalization of the IT sector and the creation of the IT nationa autority of regulation (NAR). A joint venture composed by a public and private companies is in charge of implementing mobiles and Internet networks. The both will deliver licenses of distribution to other companies which plan to invest in IT.
Benefits:
- encouraging Mobile Virtual Network Operators – MVNO companies to launch offers
- decreasing the mobiles and Internet fees
- offering a range of added values mobiles and internet services (WAP, free text messaging, TV, free ringtones)
- encourage innovation and competitiveness of IT companies
Source: decree (09-64/PR) – law 08-007

Opening comorian IT sector to competition

Since october 2007, Union of Comoros is full membrer of World Trade Organization. After the liberalization and privatisation of the comorian banking sector, change has come also to comorian Information and Technology sector. In 1997 a law has started the liberalization, privatisation and denationalization of the national company specialized in postal and telecoms activities SNPT (societé nationale des postes et telecommunications). The ancient company is splited by two new ones: Comores Telecom first telecoms operator and SNPSF specialized on postal and financial activities. The objective was to break up the monopoly and decrease high prices.

COMESA and Indian Ocean Commission have supported the government to legislate the IT sector and integrate the global market. In July 2007, a presidential task force is created in order to set up the Information Communication Autority of regulation.

23rd of may 2009, new decree is edicted by the comorian government to confirm the liberalization of the IT sector and the creation of the IT national autority of regulation (NAR). A joint venture composed by a public and private companies(Comores Telecom and Comoro Gulf Holding-CGH) is in charge of implementing mobiles and Internet networks. The both will deliver licenses of distribution to other companies which plan to invest in IT.

Benefits:

- encouraging Mobile Virtual Network Operators – MVNO companies to launch offers

- decreasing the mobiles and Internet fees

- offering a range of added values mobiles and internet services (WAP, free text messaging, TV, free ringtones)

- encourage innovation and competitiveness of IT companies.

Source: decree (09-64/PR) – law 08-007

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