Financial Crime World

Banco de Moçambique Warns of Specially Designated Nationals List

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The Banco de Moçambique (BM) has issued a warning regarding the Specially Designated Nationals (SDN) list, which is part of the country’s legal framework for countering and suppressing terrorism and the proliferation of weapons of mass destruction.

Requirements for Financial Institutions

Financial institutions are required to:

  • Freeze economic assets and resources within 24 hours upon notice
  • Report any information on customers or representatives who may be linked to terrorist organizations or proliferation financing

Suspicious Transaction Reporting Mechanisms

The BM has emphasized the importance of electronic reporting of suspicious transactions in accordance with established procedures. Financial institutions are required to:

  • Submit reports to the GIFiM (Gabinete de Informação e Fiscalização das Finanças) within 24 hours of detecting any suspicious activity

Biannual Risk Reporting

Financial institutions are required to conduct biannual risk reporting on money laundering, terrorism financing, and proliferation of weapons of mass destruction. Reports must be submitted to the Banco de Moçambique by:

  • December 31 and June 30 of each year, respectively

Regulatory Sandbox Events

The BM will hold participant induction sessions for the 5th edition of its Regulatory Sandbox, which aims to raise awareness among financial institutions of the risks associated with money laundering, terrorism financing, and proliferation of weapons of mass destruction.

Sectoral Risk Assessment

The Banco de Moçambique has recently concluded a sectoral risk assessment of money laundering, terrorism financing, and proliferation of weapons of mass destruction. The assessment was conducted in accordance with:

  • Article 58 of Law No. 14/2023
  • The 40 recommendations of the Financial Action Task Force (FATF)

Documentation

The BM has made available various documents related to anti-money laundering and countering the financing of terrorism, including:

  • Laws
  • Decrees
  • Notices
  • Reports

Contact:

For any questions or comments, please contact: DSP_AML_CFT@bancomoc.mz