Mozambique central bank raises concern over lack of anti-money laundering training

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Mozambique central bank raises concern over lack of anti-money laundering training

3:42 CAT | 01 Oct 2025

Image: Banco de Moçambique

The Bank of Mozambique has expressed concerns over financial institutions’ failure to impose sanctions on employees who violate anti-money laundering regulations, while also acknowledging that current training efforts are insufficient.

According to a recent sectoral assessment report on money laundering risks, consulted by Lusa on Tuesday, “There is no significant record of sanctions being applied by financial institutions to their employees for violating integrity values. This includes neglecting due diligence measures required by law, which would typically flag transactions as suspicious.”

The report, based on an assessment carried out between 2023 and 2024, notes that the existing legislation provides “appropriate mechanisms to protect bank employees from potential negative consequences when reporting suspicious transactions or actions.” This is part of the broader framework to comply with money laundering prevention obligations, which includes confidentiality mechanisms.

By December 2023, the credit institutions sector in Mozambique employed 10,537 individuals, of which 148 worked on anti-money laundering issues.

While the report acknowledges the training provided by financial institutions, it criticises the content as being predominantly “purely informative” and focused on concepts, rather than delving deeply into risk management. It also highlights that “employees in compliance roles lack specific training on money laundering prevention.”

As of the end of 2023, Mozambique’s financial system, regulated by the Bank of Mozambique, consisted of 15 banks, 13 microbanks, three electronic money institutions, four money transfer agencies, four credit cooperatives, 13 savings and loan organisations, two financial brokerages, six exchange bureaux, and 2,212 microcredit operators, among others.

In October 2022, Mozambique was placed on the Financial Action Task Force’s (FATF) “grey list” for failing to address deficiencies in its efforts to combat money laundering and terrorist financing.

The government had announced that the FATF would meet in Mozambique from September 8 to 11 to discuss the country’s status, with a decision on its placement on the “grey list” expected in October.

Mozambique remains hopeful of being removed from the list, after presenting several new measures to combat money laundering and terrorist financing, said Luís Abel Cezerilo, the national coordinator for Mozambique’s removal from the grey list, in August.

Source: Lusa