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Banco de Moçambique Issues Guidelines for Countering Terrorism and Proliferation of Weapons of Mass Destruction

Introduction

The Banco de Moçambique has issued guidelines for countering terrorism and proliferation of weapons of mass destruction, outlining the legal framework and measures to prevent and combat the use of financial systems and non-financial entities for these purposes.

According to a statement released by the bank, Article 25 and 26 of Law No. 15/2023, August 28, requires all financial and non-financial institutions to freeze economic assets and resources within 24 hours upon notice. Risk and compliance managers, suspicious transaction reporting officers, and the Mozambican Banking Association are urged to be aware of the list and report any information on individuals and groups or their representatives as customers.

Guidelines for Suspicious Transactions

The bank has also issued guidelines for suspicious transactions, which must be reported electronically in accordance with procedures provided by the GIFiM. Additionally, financial institutions are required to submit biannual risk reports regarding risks of money laundering, terrorism financing, and proliferation of weapons of mass destruction to the Banco de Moçambique on a semi-annual basis.

Sectoral Risk Assessment

The bank has also initiated a sectoral risk assessment of money laundering, terrorism financing, and proliferation of weapons of mass destruction, as provided by Article 58 of Law No. 14/2023, August 28. The assessment aims to identify and assess the risks related to these activities in Mozambique’s financial system.

Regulatory Sandbox

The Banco de Moçambique has also concluded the 5th edition of its Regulatory Sandbox, which aims to raise awareness of regulatory standards for products and solutions intended to test. Participant induction sessions were held on the regulatory standards of money laundering, financing of terrorism, and proliferation of weapons of mass destruction related thereto.

Documentation

  • Legislation:
    • Law No. 3/2024, March 22
    • Law No. 14/2023, August 28
    • Law No. 15/2023, August 28
    • Decree No. 53/2023, August 31
    • Notice No. 5/GBM/2022, November 17
  • Reports, Policies, and Strategies:
    • Mozambique Mutual Evaluation Report
    • National Risk Assessment Report
    • Report of the National Terrorism Financing Risk Assessment and National Counter-Terrorism Financing Strategy, 2024-2029
  • 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

Contact

Please send any questions and comments arising from the aforementioned information to: DSP_AML_CFT@bancomoc.mz