Financial Crime World

Title: Banco de Moçambique’s Crackdown on Financial Crimes: Tightened Regulations and Compliance Obligations

Fortifying Mozambique’s Financial Sector

In response to combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction, the Banco de Moçambique is taking a more robust role as the regulatory authority. By upholding compliance with anti-money laundering, counter-terrorism financing, and proliferation financing (AML/CTFP) legislation, the financial sector in Mozambique is strengthened.

Responsibilities of the Banco de Moçambique

  1. Regulating and controlling compliance
  2. Issuing guidelines and instruments
  3. Cooperating with other authorities
  4. Developing reporting standards
  5. Ensuring foreign compliance
  6. Reporting suspicious transactions
  7. Promoting effective cooperation

Understanding Financial Crimes

  • Money laundering: Concealing illicit funds with criminal activities
  • Terrorism financing: Funding terror-related activities
  • Proliferation financing: Procuring weapons of mass destruction using funds

Credit Institutions and Financial Companies’ Compliance Duties

  1. Risk assessments and due diligence
  2. Refusing transactions from unidentified customers
  3. Examining high-risk transactions
  4. Reporting suspicions
  5. Collaborating with authorities
  6. Confidentiality
  7. Employee training

Banco de Moçambique’s Recent Actions

  • Conducting a sectoral risk assessment
  • Sharing preliminary findings with supervised institutions
  • Freezing assets related to Specially Designated Nationals List
  • Semi-annual reporting to Mozambique Financial Information Office (GIFiM)
  • Ensuring compliance with AML/CTFP and Terrorism Countering and Suppression Act requirements

For more information, contact DSP_AML_CFT@bancomoc.mz