Grey List – Mozambique tackles financial crimes training initiative

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Grey List – Mozambique tackles financial crimes training initiative

9:01 CAT | 30 Mar 2024

File photo: Further Africa

Mozambique is stepping up its efforts to combat money laundering and terrorist financing with an intensive training program in Beira.

The initiative is part of the country’s broader strategy to get off the Financial Action Task Force’s (FATF) grey list, highlighting its commitment to meeting global financial compliance standards.

From March 25th to 28th, 2024, the program brings together law enforcement, regulatory authorities, and non-financial institutions to foster a collaborative approach to addressing these financial crimes. The training centers around the implementation of Mozambique’s updated legal framework, including Law 14/2023 and its amendment, Law 3/2024, as well as Law no. 15/2023. These laws are aimed at strengthening the country’s defenses against the financing of terrorism and the proliferation of weapons of mass destruction.

Marina Macamo, spokesperson for the Provincial Office for Corruption Combat, stressed the importance of this legislation and the need for heightened awareness to enhance Mozambique’s internal capabilities in this fight. The training’s goals are clear: to bolster the National Financial System’s ability to prevent and combat money laundering and terrorist financing, and to educate on the National Risk Assessment (NRA) related to Terrorist Financing.

This move is crucial for Mozambique’s aim to be removed from the FATF grey list, which signifies countries with deficiencies in their efforts to combat money laundering and terrorist financing. Being on this list can affect a country’s international financial relationships and economic development.

The event also serves to underline the importance of such training for Mozambique’s economic stability and security, signaling a significant step in the country’s journey towards compliance with international financial security standards.

Source: Further Africa