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Mozambique Introduces Tougher Legal Framework to Combat Terrorism and Weapons of Mass Destruction
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Mozambique has taken a significant step in enhancing its efforts to combat terrorism and prevent the proliferation of weapons of mass destruction by introducing a new legal framework.
Enhancing Efforts Against Terrorism and Proliferation
The new law requires financial institutions to freeze economic assets and resources within 24 hours upon notice if they have any links to terrorist organizations or those involved in the proliferation of weapons of mass destruction. Additionally, all financial and non-financial institutions are mandated to report any suspicious transactions or customers with links to these entities.
Compliance and Monitoring
The Banco de Moçambique, the country’s central bank and financial regulator, has been tasked with ensuring compliance with the new law. To achieve this, the bank recently conducted a sectoral risk assessment of money laundering, terrorism financing, and proliferation of weapons of mass destruction.
During the assessment, the bank met with supervised financial institutions to discuss the results and provide clarification on any doubts or concerns. The bank also emphasized the importance of completing questionnaires and responding in a timely manner to ensure compliance with anti-money laundering and counter-terrorism financing regulations.
Key Requirements
Here are some key requirements under the new law:
- Financial institutions must report any suspicious transactions or customers with links to terrorist organizations or those involved in the proliferation of weapons of mass destruction.
- Assets and resources held by individuals or entities linked to terrorism or proliferation activities must be frozen within 24 hours upon notice.
- Financial institutions must conduct due diligence on customers and report any information on the names of individuals and groups or their representatives as customers.
Resources
For more information, please refer to the following resources:
- Mozambique Mutual Evaluation Report
- National Risk Assessment Report
- Report of the National Terrorism Financing Risk Assessment and National Counter-Terrorism Financing Strategy, 2024-2029
Contact
If you have any questions or comments arising from this information, please contact DSP_AML_CFT@bancomoc.mz.