Mozambique Takes Steps to Strengthen Anti-Money Laundering Regulations
Maputo, Mozambique - A Bid to Combat Money Laundering and Terrorist Financing
In an effort to combat money laundering and terrorist financing, the Government of Mozambique has launched a series of measures aimed at strengthening its anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. This move is part of the country’s commitment to exit the Financial Action Task Force (FATF) Grey List.
Strengthening Compliance
Implementing AML/CFT reforms is a priority for the government, according to Didier Malunga, Permanent Secretary of the Ministry of Justice, Constitutional and Religious Affairs. He emphasized the need to strengthen compliance with obligations in highly vulnerable sectors and entities such as:
- Banks
- Insurance companies
- Real estate
- Exchange offices
- Casinos
- Law offices
- Gaming houses
Three-Day Workshop on AML/CFT Reforms
A three-day workshop was organized by the EU-funded Global Facility on AML/CFT, in coordination with Mozambican authorities, to provide technical assistance to support the country’s efforts. The event brought together experts from various fields to share views and expertise on key topics including:
- Beneficial ownership information
- Money laundering and terrorist financing risks
- Mitigating measures
EU Support
EU Delegation Head of Cooperation in Mozambique, Paula Vazquez Horyaans, stressed that “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.” She added that the EU is happy to share its experience with Mozambique.
Partnership between the EU and Mozambique
David Hotte, Team Leader of the EU Global Facility, praised the partnership between the EU and Mozambique, noting that “only two weeks after the launch of the Technical Assistance Coordination Committee in Maputo, the EU Global Facility is already delivering concrete and precisely tailored support activities to the country.” He commended the proactive approach of the Mozambican authorities to strengthen their AML/CFT frameworks.
Beneficial Ownership Register
Mozambique’s efforts to establish a beneficial ownership register are being supported by the EU Global Facility and the World Bank. The move is expected to enhance transparency in business transactions and prevent the misuse of companies for illegal activities.