Financial Crime World

Money Laundering: A Threat to Mozambique’s Economy and Security

Mozambique has launched a campaign to combat money laundering and the financing of terrorism, recognizing the importance of strengthening its economy and ensuring the security of its citizens.

Combating Money Laundering and Terrorism Financing

The country recently hosted a three-day workshop on anti-money laundering and counter-terrorist financing (AML/CFT) in Maputo, attended by experts from around the world. The implementation of money laundering and terrorism financing reforms is a priority for the Government of Mozambique.

Strengthening Compliance

Mozambique aims to strengthen compliance with obligations to prevent these crimes in highly vulnerable sectors and entities, such as:

  • Banks
  • Insurance companies
  • Real estate
  • Exchange offices
  • Casinos
  • Law offices
  • Gaming houses

Sharing Expertise

The workshop allowed participants to share expertise on Financial Action Task Force standards on availability and accessibility of beneficial ownership information, assessment of money laundering and terrorist financing risks associated with the misuse of legal persons and arrangements in Mozambique. The event also covered:

  • Design and implementation of mitigating measures
  • Emerging trends and specific topics related to beneficial ownership transparency

EU Support

The European Union (EU) has pledged its support to Mozambique’s efforts, recognizing a shared goal of fighting money laundering and terrorism financing.

“Money laundering and the financing of terrorism pose a serious threat to the integrity of the economy and to the security of citizens in all countries,” said Paula Vazquez Horyaans, EU Delegation Head of Cooperation in Mozambique.

Experience Sharing

The EU has gone a long way in combating these crimes and is happy to share its experience with Mozambique. “We are delivering concrete and precisely tailored support activities to the country, which is a proof of the reactivity and efficiency of our group of experts,” said David Hotte, Team Leader of the EU Global Facility.

Beneficial Ownership Register

Mozambique’s efforts regarding the establishment of a beneficial ownership register are being supported by the EU Global Facility together with the World Bank. The country aims to strengthen its AML/CFT frameworks and exit the Financial Action Task Force Grey List.

By working together, Mozambique and the international community can effectively combat money laundering and terrorism financing, ensuring the integrity of the economy and the security of citizens.