Financial Crime World

Compliance with Anti-Money Laundering and Countering Financing of Terrorism Regulations in Mozambique Takes Centre Stage

Mozambique has taken a significant step towards strengthening its anti-money laundering (AML) and countering financing of terrorism (CFT) frameworks, as it looks to exit the Financial Action Task Force’s Grey List. The EU-funded Global Facility on AML/CFT, in coordination with Mozambican authorities, recently hosted a three-day workshop in Maputo to support the country’s efforts.

Implementing AML/CFT Reforms: A Top Priority for the Government of Mozambique

The Permanent Secretary of the Ministry of Justice, Constitutional and Religious Affairs, Didier Malunga, emphasized that implementing AML/CFT reforms is a top priority for the Government of Mozambique. This includes enhancing compliance with obligations to prevent money laundering and terrorism financing in highly vulnerable sectors such as:

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

Workshop Highlights: Sharing Expertise on Financial Action Task Force Standards

The workshop allowed participants to share views and deepen their expertise on Financial Action Task Force standards, including:

  • Availability and accessibility of beneficial ownership information
  • Assessment of AML/CFT risks associated with the misuse of legal persons and arrangements in Mozambique
  • Design and implementation of mitigating measures
  • Emerging trends related to beneficial ownership transparency

EU Support for Mozambique’s Efforts

EU Delegation Head of Cooperation in Mozambique Paula Vazquez Horyaans noted that money laundering and terrorism financing pose a serious threat to the integrity of the economy and security of citizens worldwide. The EU and its Member States have made significant progress in combating these crimes, and are happy to share their experience with Mozambique.

Partnership and Progress

Team Leader of the EU Global Facility David Hotte praised the partnership between the EU and Mozambique, highlighting that only two weeks after the launch of the Technical Assistance Coordination Committee, the EU Global Facility is already delivering concrete support activities. He commended the proactive and collaborative approach of the Mozambican authorities in strengthening their AML/CFT frameworks.

Beneficial Ownership Register: A Key Step Towards Ensuring Economy Integrity

Mozambique’s efforts to establish a beneficial ownership register are being supported by the EU Global Facility together with the World Bank. The country’s commitment to implementing AML/CFT regulations is a significant step towards ensuring the integrity of its economy and security of its citizens.

Note: I’ve used the following markdown syntax:

  • Headers (#) for main headings
  • Subheadings (##) for subheadings
  • Bullet points (*) for unordered lists
  • Indentation (4 spaces) for code blocks or quotes
  • Links (not applicable in this case)
  • Emphasis (not applicable in this case)

Let me know if you have any further requests!