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Mozambique Steps Up Efforts to Combat Terrorism Financing and Money Laundering

Maputo, Mozambique - The Banco de Moçambique has taken a significant step in its fight against terrorism financing and money laundering by publishing the Specially Designated Nationals List, as required by Law No. 15/2023.

Publishing the Specially Designated Nationals List

The list, which was published on August 28, contains the names of individuals and groups or their representatives who are subject to sanctions for their involvement in terrorist activities or proliferation of weapons of mass destruction. Financial institutions are required to freeze the economic assets and resources of these individuals and groups within 24 hours of receiving notice from the Mozambique Financial Information Office (GIFiM).

Broader Efforts to Combat Money Laundering, Terrorism Financing, and Proliferation

The move is part of a broader effort by the Banco de Moçambique to combat money laundering, terrorism financing, and proliferation of weapons of mass destruction. The central bank has also launched a sectoral risk assessment of these risks, which aims to identify potential vulnerabilities in the financial system.

Sectoral Risk Assessment

According to Article 58 of Law No. 14/2023, the risk assessment will be carried out in compliance with the 40 recommendations of the Financial Action Task Force (FATF). The results of the assessment are expected to inform a national strategy for combating money laundering, terrorism financing, and proliferation of weapons of mass destruction.

Guidelines and Awareness Raising

In addition to publishing the Specially Designated Nationals List, the Banco de Moçambique has also issued guidelines on anti-money laundering and countering the financing of terrorism and proliferation of weapons of mass destruction. The guidelines aim to ensure that financial institutions are aware of their obligations under the law and are equipped to identify and report suspicious transactions.

The central bank has also been working with supervised financial institutions to raise awareness about the risks of money laundering, terrorism financing, and proliferation of weapons of mass destruction. A series of induction sessions were held for participants in the Banco de Moçambique’s Regulatory Sandbox, which aims to test innovative products and services that can help combat these risks.

Biannual Risk Reporting Mechanism

The Banco de Moçambique has also initiated a biannual risk reporting mechanism, which requires financial institutions to report on customer accounts and transactions that may be subject to money laundering, terrorism financing, or proliferation of weapons of mass destruction. The reports will be used to conduct risk-based supervision of the financial system.

In related news, the Mozambique government has passed several laws aimed at combating terrorism financing and money laundering. Law No. 3/2024 amends the Anti-Money Laundering and Countering the Financing of Terrorism Act, while Law No. 4/2024 amends the Terrorism Countering and Suppression Act.

Call to Action

The Banco de Moçambique has called on financial institutions to report any suspicious transactions or activities to the GIFiM. The central bank can be contacted at [DSP_AML_CFT@bancomoc.mz](mailto: DSP_AML_CFT@bancomoc.mz) for any questions or comments arising from the information provided.

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

Documentation

Legislation: Law No. 3/2024, Law No. 4/2024, Law No. 14/2023, Law No. 15/2023, Decree No. 53/2023, Decree No. 54/2023, Notice No. 5/GBM/2022, and Notice No. 4/GBM/2023
Reports, Policies, and Strategies: Mozambique Mutual Evaluation Report, National Risk Assessment Report, and Report of the National Terrorism Financing Risk Assessment and National Counter-Terrorism Financing Strategy, 2024-2029