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Banco de Moçambique Steps Up Efforts to Combat Money Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction

Overview

The Banco de Moçambique has taken a series of measures to strengthen its fight against money laundering, terrorism financing, and proliferation of weapons of mass destruction.

Risk Assessment

According to a statement released by the bank, it has initiated a sectoral risk assessment of money laundering, terrorism financing, and proliferation of weapons of mass destruction, as required by law. The assessment aims to identify the risks associated with these activities in Mozambique’s financial system.

Recent Developments

• The Banco de Moçambique recently concluded a virtual meeting with supervised institutions to present the preliminary results of the sectoral risk assessment.
• Representatives from credit institutions, microfinance institutions, exchange offices, payment service providers, and virtual asset service providers attended the meeting.

Specially Designated Nationals List

The Banco de Moçambique has launched a specially designated nationals list, aimed at freezing the economic assets and resources of individuals and groups suspected of involvement in terrorist activities or proliferation of weapons of mass destruction. The list was published in accordance with Law No. 15/2023, which lays down the legal framework for countering and suppressing terrorism and the proliferation of weapons of mass destruction.

Reporting Requirements

The bank has urged risk and compliance managers, suspicious transaction reporting officers, and the Mozambican Banking Association to be aware of the list and report any information on the names of individuals and groups or their representatives as customers. This is in line with Article 38 of Law No. 15/2023, which requires financial institutions to freeze economic assets and resources within 24 hours upon notice.

Anti-Money Laundering and Counter-Terrorism Financing Regulations

The Banco de Moçambique has reminded financial institutions of their obligations under anti-money laundering and counter-terrorism financing regulations. The bank has also emphasized the importance of reporting suspicious transactions and conducting risk-based supervision of money laundering, terrorism financing, and proliferation of weapons of mass destruction.

International Cooperation

The measures taken by the Banco de Moçambique are aimed at ensuring compliance with international standards on combating money laundering, terrorism financing, and proliferation of weapons of mass destruction. The bank is working closely with the Financial Action Task Force (FATF) to implement the 40 recommendations of the FATF to prevent the misuse of the financial system for these activities.

Useful Links

• Mozambique Financial Information Office
• Lists of persons and institutions designated by the United Nations Sanctions Committee (terrorism and its financing)
• FATF Guidance on Counter Proliferation Financing

Contact

For any questions or comments arising from this information, please send an email to: DSP_AML_CFT@bancomoc.mz