Mozambique Takes Steps to Combat Terrorism and Weapons Proliferation
Introduction
Maputo, Mozambique - The Banco de Moçambique has launched a sectoral risk assessment of money laundering, terrorism financing, and proliferation of weapons of mass destruction, as required by law. This initiative aims to prevent the misuse of financial institutions for illegal activities.
Suspicious Transaction Reporting Mechanisms
Financial institutions are required to report suspicious transactions electronically in compliance with procedures provided by the GIFiM. Additionally, the Banco de Moçambique has established a biannual reporting mechanism for financial institutions to submit information on customer accounts and transactions involving risks of money laundering, terrorism financing, and proliferation of weapons of mass destruction.
Sectoral Risk Assessment
The Banco de Moçambique recently concluded the sectoral risk assessment, which was presented in a virtual meeting with supervised financial institutions. The assessment aims to identify risks and vulnerabilities in the financial system and non-financial entities that may be exploited by terrorist organizations or proliferators of weapons of mass destruction.
Legislation and Guidelines
The Mozambican government has enacted several laws and regulations aimed at preventing and combating money laundering, terrorism financing, and proliferation of weapons of mass destruction. These include:
- Law No. 14/2023: The Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation of Weapons of Mass Destruction Act.
Useful Links
For more information on Mozambique’s efforts to combat terrorism and weapons proliferation, please visit:
- 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
Contact
Any questions or comments arising from this information should be sent to DSP_AML_CFT@bancomoc.mz.