Mozambican attorney general accuses banks of not communicating suspicious transactions

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Mozambican attorney general accuses banks of not communicating suspicious transactions

2:18 CAT | 18 Oct 2018

File photo: PGR

Attorney General Beatriz Buchili yesterday accused banks of not reporting suspicious transactions to judicial institutions, thereby preventing the recovery of the proceeds of crime.

“The lack of communication of suspicious transactions by financial institutions makes it impossible to recover assets, since the amounts are transferred to other destinations,” Buchili told at the 6th National Meeting of the Central Office to Combat Corruption (GCCC) .

Buchili said that the Attorney General’s Office was working with the Bank of Mozambique, as the regulator of the financial system, to urge banks to collaborate with the judiciary and report suspicious transactions.

“An effective and efficient articulation allows for speedy reporting of suspicious transactions by financial institutions, timeliness of investigations, and promptness in the investigation and prosecution of criminal offences,” she added.

The attorney general insisted on the need for Mozambique to have a body dedicated to the recovery of illicitly obtained assets, noting that the absence of such a mechanism hampered the return of assets. “We are hopeful that the proposal to create this office and the regulations already submitted to the Council of Ministers will be approved shortly,” she said.

Buchili said that Mozambique must honour the commitments it had made in the international framework to combat corruption, saying judicial cooperation with other countries was critical. “It is necessary to create internal capacity to explore the paths recommended by international legal instruments of reference,” she said.

Source: Lusa