Financial Crime World

Mozambique Makes Progress in AML Compliance Procedures

Maputo - Mozambique has made significant progress in strengthening its anti-money laundering (AML) and counter-terrorist financing measures, as highlighted in its follow-up report to the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

Progress Made

According to the report, Mozambique has addressed some of the technical compliance deficiencies identified in its previous assessment. The ESAAMLG has upgraded several recommendations from “partial compliance” to “substantial compliance”, including those related to:

  • Customer Due Diligence: Improvements have been made in identifying and verifying customer information.
  • Reporting Obligations: Mozambique has strengthened its reporting requirements for suspicious transactions and other financial information.
  • International Cooperation: The country has improved its cooperation with foreign authorities to combat money laundering and terrorist financing.

Enhanced Follow-up

Despite this progress, Mozambique will remain under enhanced follow-up to ensure continued improvement in the implementation of its AML/CFT measures. The country is expected to continue providing regular updates to the ESAAMLG on its progress.

Comprehensive Assessment and Improvement Efforts

Mozambique’s commitment to strengthening its AML/CFT regime comes after a comprehensive assessment by the ESAAMLG in 2021, which identified areas for improvement. Since then, the country has taken steps to address these deficiencies and improve its overall compliance with international standards.

Significance of the Report

The report is a significant milestone for Mozambique, which aims to establish itself as a responsible player in the global financial system. The country’s efforts are expected to enhance its reputation and attract foreign investment.

By continuing to strengthen its AML/CFT regime, Mozambique can improve its international standing, increase trust among investors and partners, and contribute to a safer and more stable global economy.