MISA (Mwali, Comoros)

The Mwali International Services Authority, an island-level body in Mohéli, Comoros, that issues “brokerage licences” carrying BFX and T reference numbers. It is not a regulator we recognise, and neither does the country it claims to sit in. A communiqué published by the Banque Centrale des Comores on 10 December 2025 names MISA among structures issuing offshore licences illegally, states that licensing banks and financial establishments falls exclusively within the central bank’s remit, and records that the bank has referred the matter to the public prosecutors of Moroni, Mutsamudu and Mohéli. Under Article 9 of the Union Constitution and Organic Law 05-003/AU, financial regulation is a Union competence rather than an island one, and a 2010 IMF assessment reached the same conclusion about island-level offshore bodies. A MISA licence therefore carries no compensation scheme, no leverage cap, no ombudsman and no supervisor with authority to act. We score it tier 3 only because our scale has no lower tier; in practice it is closer to no licence at all.